How do I make a Niagara system similar to this?

Development Asset Creation
1

What stuff do I need to look into to make something like this? This was made in UE5 and he has used Niagara. But how do I make the liquid simulation thingie? It doesn’t look like curl noise. And how do you think he’s changing the colours like that?

https://www.instagram.com/p/CiaEfmWtxoM/

Thanks to everyone replying!