The significance of the wheel of Dharma in Buddhist mythology lies in its representation of the Buddha's teachings. Known as the Dharmachakra, it symbolizes the path to enlightenment and the principles of the Eightfold Path. The wheel signifies motion and the cycle of birth, life, and rebirth (samsara). Each spoke of the wheel denotes one of the eight aspects of the path, focusing on ethical conduct, mental development, and wisdom. Understanding the wheel is essential for followers of Buddhism as it encapsulates the core of Buddhist philosophy and practice.