<div class="wavy">
  <span style="--i:1;">L</span>
  <span style="--i:2;">o</span>
  <span style="--i:3;">a</span>
  <span style="--i:4;">d</span>
  <span style="--i:5;">i</span>
  <span style="--i:6;">n</span>
  <span style="--i:7;">g</span>
  <span style="--i:8;">.</span>
  <span style="--i:9;">.</span>
  <span style="--i:10;">.</span>
</div>

* {
  margin: 0;
  padding: 0;
  box-sizing: border-box;
  font-family: consolas;
}
body {
  display: flex;
  justify-content: center;
  align-items: center;
  min-height: 100vh;
  background: #000;
}
.wavy {
  position: relative;
  -webkit-box-reflect: below -12px linear-gradient(transparent, rgba(0, 0, 0, 0.2));
}
.wavy span {
  position: relative;
  display: inline-block;
  color: #fff;
  font-size: 2em;
  text-transform: uppercase;
  animation: animate 1.5s ease-in-out infinite;
  animation-delay: calc(.1s * var(--i))
}
@keyframes animate {
  0%, 100% {
    transform: translateY(0px);
  }
  20% {
    transform: translateY(-20px);
  }
  40% {
    transform: translateY(0px);
  }
}