I think it might be a good idea to clarify what a blinkie is to start with
You can search for them on this forum and find lots of topic examples;
The main thing I'd point out is that while there is no rule; 88x31 buttons/badges are almost never called blinkies. Usually the term blinkie refers to a wider thinner badge (150x20px apparently) that has blinking pixels around its edge; like the
ones here!
My guess is that this format of image was originally inspired by mid century theater signs like this one:
So as always my recommendation when replicating media is to study the media, but also study its sources and history of where it evolved from; then you can build on the same idea as the original media, rather than just imitating it
EDIT:
Also also, if you're curious about the origin of 88x31 badges too; those are most lightly inspired by American mall signs:
I think the interesting thing about both examples is that it really shows how early web culture evolved out of middle class American suburban culture ~ that's a really big subject in itself and there's a lot of room to explore it!