How to animate wavy text?

https://www.youtube.com/watch?v=IiOdrfrKMwo

I've been seeing a few games lately use procedural animation on top of a simple type-writing dialogue box sort of like what's shown in the video above.

I'm lost as to how I could approach this in Unity. I thought about animating through rich text, but that seems to be a dead end. I would be super grateful if I could even be pointed in the right direction. Thank you.