Several interpretations of the Comet Ping Pong street sign have been proposed. One interpretation connects it to Satan (or whatever demonic creature that was supposed to be). Another interpretation I have seen was based on a reference to the Islam crescent, supposedly in relation with Saudi elites

In fact, it turns out that the explanation for the strange sign is much pedestrian: Alefantis simply bought it from a liquor store that was closing down. He took back both the sign and the name "Comet"

https://forums.egullet.org/topic/94534-comet-ping-pong-new-haven-ish-pizza/

the pizza parlor apparently owes its name to last year's sad passing of liquor store owner and neighborhood legend Sid Drazin, who, with his wife Bernice, ran Adams-Morgan's Comet Liquors for 25 years. Carole Greenwood and James Alefantis have acquired the sign and, barring objection from the usual neighborhood cranks, will get it up, no doubt, where they're good and ready. In the mean time, I'm glad these guys were the ones to get hold of of it