For our next exquisite corpse transition, we'll use our starting circle as the blue dot in a Blender logo, then turn the logo into a blinking eye. By duplicating and modifying it slightly, we can then turn one eye into a sea of eyeballs, blinking before disappearing. In the following diagram, you can see the plan for the animation:
Blinking eyes from frames 1 to 100
See the finished project file, ch09_eyeblinks.blend, to dig through the results.