According to a translation from @FarmboyinJapan on Twitter, Sakurai said that the two intersecting lines are a nod to the many franchise "crossovers" present in Smash Bros. The intersection also has the effect of slicing the circle into four sections representing Smash's four-person multiplayer.While Super Smash Bros. Ultimate and Super Smash Bros. for Wii U both feature up to eight-player matches, the 1999 original and its two follow-ups maxed out at four-player matches.
Smash's crossover aspect has also exploded since the first release, which had only 12 characters from 10 different Nintendo franchises. Ultimate features 74 characters from 33 different franchises, many of which aren't even from a Nintendo series.
Yesterday, Nintendo made changes to 13 of Smash's characters and more when it released Version 1.2.0, and last week Nintendo announced it was adding yet another character from a new franchise to the Smash universe. Nick Santangelo is a freelance writer based in Philadelphia. He loves video games and sports, but not sports video games. Follow him on Twitter.