Animate Text (Wavy Text)

We want to create text animations that individually animate single characters, similar to Shovel Knight, is there a simple way to do this? Possibly using rich text?

This is an example(Woooah!):

Yes you can animate pretty much any inspector property in unity. Create a Text UI element then go to window>animation. Create a new animation clip and change the scale and rotation and movement values of the text ui then save the animation and load it through mecanim or through script.

Here is an example tutorial.

In C# -
The way I might do it is by holding the word as a string then create a foreach through each character by String.ToCharArray and create a ui text for each letter and animate accordingly