Where the other loaders move by position or brightness, this one keeps changing its shape, which reads as "something fluid is in progress." It fits a brand with a soft, organic tone — wellness apps, creative tools — and can feel distracting in an information-dense dashboard.
Each corner of border-radius gets a different value per keyframe (e.g. 60% 40% 30% 70% / 60% 30% 70% 40%), oscillating between a circle and a blob; adding a slow rotate on top makes it spin while it morphs, which reads as more organic still. The key is interpolating border-radius smoothly, with no sudden jumps between corners.
A skeleton fits better for a long wait covering the whole screen; skip it under 200ms. Give the wrapper role="status" and aria-live="polite", and hide the shape with aria-hidden="true" since it's decorative. Under prefers-reduced-motion, freeze the morph and rotation and fall back to one static blob shape.