Have a look at this incredible jellyfish animation created by Josué Ortigoza, a.k.a. Dervish, a Technical Artist and Game Developer known for creating outstanding shaders using Unity. Much like the artist's earlier works, the animation was set up in Unity and, according to the creator, was made to try out some custom-made sine wave shaders.
Moreover, Dervish has also shared an in-depth tutorial explaining how the shader was created. At the moment, the tutorial is only available in Spanish, with the author already working on the English captions.