A lot of balls created with mograph´s cloner object. (Cinema 4D)
Then I turned off gravity. Instead the balls have an own gravity (Force object), Which makes them behave pretty much like fluid particles.
To equip a Metaball object, it´s important to apply a mograph cache tag to the cloner and bake the sequence. Otherwise, the Metaball won´t work properly.
That´s it. The bullet is simply keyframed and has a rigid body tag to make it collide the clones.
Playing aroung with the force tags´ amount of energy and the friction of the balls makes the fluid act in different ways.
Also adjusting the bullets friction makes the particles bounce off differently. Try this yourself