It's not a really really badly drawn ax with a weird wavy yellow handle, it's yellow paint coming out of a paint pot. The reason the "ax" looks nothing at all like an ax is that it isn't supposed to be an ax.
The term 'paint pot' is perhaps confusing, the drawing represents the end of a 'tube of paint' out of which yellow paint has been squeezed. The 'y' word is indeed 'yellow'.
There’s another answer suggesting this if you scroll down on the source link. I personally disagree though.
Weirdest damn paint pot I've seen.
I would accept this as an answer. More like an ink container you dip a quill in. Yellow Ink.