The animation studio that did this seems to have done quite a lot of VTuber stuff, including Biboo's old transition and Raora's current one.

https://studioxd-animation.com/2024/01/29/%e3%83%88%e3%83%a9%e3%83%b3%e3%82%b8%e3%82%b7%e3%83%a7%e3%83%b3%e5%88%b6%e4%bd%9c/