Circeling text animation

This looks like one of the preinstalled Text Animation Presets in the Organic Section. You can preview Animation Presets using Adobe Bridge or online - https://blog.motionisland.com/after-effects-presets-text-animation/

 

The easiest way to duplicate that animation would be to loopOut() a mask path with identical first and last keyframes to get the wave motion on the text path. Then add an Kerning animator but instead of animating the start or end value, set some keyframes for the kerning amount with the first and last being identical, then add another loopOut() expression. That would dupicate the animation in your sample. 

Probably some of that stuff applied to an expression selector:

https://www.motionscript.com/articles/bounce-and-overshoot.html

Otherwise there's nothing against creating this manually with a few keyframes and exploiting the Advanced settings of text animators to control the falloff. You may just need two or three overalpping animators.

Mylenium