Repeatedly change background colour of picture onMouseOver

Question

I have a picture and wish its background to change and repeatedly take random colours sequencially from all over the spectrum till the user's mouse exits the picture. I guess the solution should use setInterval (see this) and the following shall help:

var red = Math.round(Math.random() * 255);
var green = Math.round(Math.random() * 255);
var blue = Math.round(Math.random() * 255);
var bg = "background-color: rgb(" + red + "," + green + "," + blue + ");";
x.style = bg;

Here is a fiddle trying to implement what I have in mind: The first smiley should change colour onMouseOver and return to normal onMouseOut.

Here is what I have in mind: I want to implement what FontAwesome.com do on their logo at their footer: it changes colours onmouseover and stops otherwise. But that's not a picture, it's a font(?). Instead, I have a logo that I made transparent, and I want to change the background dynamically so that it replicates the nice trick of Fontawesome. Any ideas?

* Updated *

I am posting a detailed solution to my question below based on the answers of the community. Looks like I followed Leo's way but Rakibul's solution worked well too.

Answer 1

I achieved what I want.

I wanted my logo to change colours "nicely" when a user's mouse hovers over it (like magic and similar to FontAwesome's logo at their footer).

.OAlogo {
  background-color: transparent;
  animation-play-state: paused;
}

.OAlogo:hover {
  animation: colorReplace 10s infinite;
  animation-timing-function: linear;
  animation-direction: alternate;
}

@keyframes colorReplace {
  0% {
    background-color: rgb(44, 132, 231);
  }
  10% {
    background-color: rgb(61, 192, 90);
  }
  20% {
    background-color: rgb(255, 211, 59);
  }
  30% {
    background-color: rgb(253, 136, 24);
  }
  40% {
    background-color: rgb(243, 129, 174);
  }
  50% {
    background-color: rgb(34, 138, 230);
  }
  60% {
    background-color: rgb(62, 192, 89);
  }
  70% {
    background-color: rgb(255, 211, 59);
  }
  80% {
    background-color: rgb(71, 193, 86);
  }
  90% {
    background-color: rgb(253, 126, 20);
  }
  100% {
    background-color: rgb(233, 109, 132);
  }
}

<img class="OAlogo" src="http://www.stouras.com/OperationsAcademia.github.io/images/OA-logo-solo.png" style="background: black;" width="100">