As another example the encoder at https://compress-or-die.com does a quite impressive job at compressing the GIF if allowing some loss of visual quality. Taking the number of colours down to 14 and allowing lossy compression I got the file size down to 386kB: https://compress-or-die.com/gif-process?expert-mode=no&exper...

I'd consider that a good trade-off given the universal compatibility of GIFs, and no ringing in the decoded video.