I like TikTok's loading animation, here's my attempt to recreate it with just a few lines of CSS:

A couple properties/tricks that make this possible:

mix-blend-mode

Produces the overlap effect between the two circles. There are a bunch of different values for this; the native app appears to use color-dodge but multiply looks cooler IMO 😎.

animation-delay

The animation-delay property is used to apply the same animation to different elements at different starting keyframes. Passing a delay of half the length of the full animation will offset it halfway, and making it negative will prevent an initial pause for the delay to end.

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P.S. doesn't look like the TikTok web app has a loading animation, feel free to use this on the site @tiktokdevs 😇 Nevermind, not true! Just noticed it.