Okay, I'll admit it. I haven't found Waldo (née "Wally") in this image. So, he might not even be in the above GIF. That shouldn't stop you from searching.
And if you do, have a look at the slightly sharper version of the above GIF down below. The animated image recently appeared on 2ch, Japan's largest bulletin board, with the title "Where's Waldo? Level 99999999999999999999999999999999999999".