Some nooby idiot named Chinelin remade this into a creepypasta and uploaded it on YouTube. Here is the story:
"This image was taken from a split second frame in a corrupted bootleg of the Spongebob episode "Dumped." Other than the image, the rest of the video is comprised of incomprehensible jumbles of colors, static, or just black screens. The audio seems to be a heavily distorted version of the audio from the original episode, with loud, droning buzzes occaisionally interrupting it. The bootleg tape itself was found in December 2002 by a group of 5 urban exploring teenagers in a trash can within an abandoned mental institution. Of these 5 individuals, 2 have committed suicide, 1 has gone missing, 1 refuses to comment on the tape, and the last hastily agreed to give paranormal investigators the tape shortly after being interviewed about the suicide and disappearances of the other 3 persons. The current whereabouts of the tape are unknown, and many who stare at this image for a long enough period of time claim to see Spongebob blink..."
That's not a finger below the island, that's the moon --LegoMachinimer787