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Old Bluelip is a giant clam that appears in the episode "Clams". Its character is based on the sharks from the Jaws franchise.
In "Clams", during a fishing trip, SpongeBob accidentally throws Mr. Krabs's millionth dollar into the sea. Just as SpongeBob reels the dollar back, Old Bluelip jumps over the crew's ship, the S.S. Cheapskate, and eats the dollar. For the rest of the episode, Mr. Krabs tries to recover his millionth dollar, at the expense of SpongeBob and Squidward. In the ending, Mr. Krabs manages to get back his millionth dollar. He made a deal with Old Bluelip that he would trade most of his body except his head and left arm to get his millionth dollar back.