This card name is based upon Ouroboros, an ancient symbol depicting a serpent eating its own tail, forming a loop. Ouroboros is also common in alchemic illustration symbolizing circular nature. It also symbolizes infinity as the serpent keeps devouring its own tail. Other cards referencing this are "Cyber Ouroboros" and, especially, "Alchemy Beast - Ouroboros the Bronze".
This relation is referenced in this card's artwork, as this card's tail is near where its middle head is.