This is great project that could make your bike stylish. So called m123s is a device that can be fixed to bicycle wheels and can create various colourful graphics while they are spinning. It uses 32 Full color ultra bright wide angle LED’s, ruggedized construction that is resistant to water and dirt. It also has four pattern buttons for fast display customizations.
Everything is controlled by AVR ATmega168 microcontroller. As there are 32 full color LEDs, then it means controlling 96 single color LEDs. This wouldn’t impossible without serial-in parallel-out shift registers (STP16L596). I don’t know if it’s worth trying to build it by your own because you can get it for $64.99 – cheaper than you can spend on parts and manufacturing. Don’t wait and put some action on your wheels.