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".
Not sure about the exact source for this latest image, as the 2ch thread linked Imgur. If you know who created the image, let us know so we can credit.
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