body {
  background-color: teal;
  color: white;
  font-family: Tahoma;
}
<style>
  @keyframes squiggly-anim {
    0% {
      -webkit-filter: url("#squiggly-0");
              filter: url("#squiggly-0");
    }
    25% {
      -webkit-filter: url("#squiggly-1");
              filter: url("#squiggly-1");
    }
    50% {
      -webkit-filter: url("#squiggly-2");
              filter: url("#squiggly-2");
    }
    75% {
      -webkit-filter: url("#squiggly-3");
              filter: url("#squiggly-3");
    }
    100% {
      -webkit-filter: url("#squiggly-4");
              filter: url("#squiggly-4");
    }
  }

  #text {
    animation: squiggly-anim 0.5s linear infinite;
  }

  .svg-container {
    width: 0;
    height: 0;
    overflow: hidden;
  }
  
</style>

<span class="svg-container">
  <svg xmlns="http://www.w3.org/2000/svg" version="1.1" width="0" height="0">
    <defs>
      <filter id="squiggly-0">
        <feTurbulence id="turbulence" baseFrequency="0.02" numOctaves="3" result="noise" seed="0" />
        <feDisplacementMap id="displacement" in="SourceGraphic" in2="noise" scale="6" />
      </filter>
      <filter id="squiggly-1">
        <feTurbulence id="turbulence" baseFrequency="0.02" numOctaves="3" result="noise" seed="1" />
        <feDisplacementMap in="SourceGraphic" in2="noise" scale="8" />
      </filter>
      <filter id="squiggly-2">
        <feTurbulence id="turbulence" baseFrequency="0.02" numOctaves="3" result="noise" seed="2" />
        <feDisplacementMap in="SourceGraphic" in2="noise" scale="6" />
      </filter>
      <filter id="squiggly-3">
        <feTurbulence id="turbulence" baseFrequency="0.02" numOctaves="3" result="noise" seed="3" />
        <feDisplacementMap in="SourceGraphic" in2="noise" scale="8" />
      </filter>
      <filter id="squiggly-4">
        <feTurbulence id="turbulence" baseFrequency="0.02" numOctaves="3" result="noise" seed="4" />
        <feDisplacementMap in="SourceGraphic" in2="noise" scale="6" />
      </filter>
    </defs>
  </svg>
</span>

<p id="text">Cupcake ipsum dolor sit amet oat cake apple pie marshmallow</p>