Just added a new wavy transparent shader to the free shaders collection. This shade can be used to apply x and y axis waves to textures which looks nice on bitmapped based text, e.g.:

The code for the shader is shown below:

[sourcecode language=”js”]
Shader "Unlit/WaveTransTexture"
{
Properties
{
_MainTex("Color (RGB) Alpha (A)", 2D) = "white" {}
_WaveSpeedX ("X Axis WaveSpeed", Range(0, 100)) = 20
_FrequencyX ("X Axis Frequency", Range(0, 100)) = 10
_AmplitudeX ("X Axis Amplitude", Range(0, 100)) = 0.02
_WaveSpeedY ("Y Axis WaveSpeed", Range(0, 100)) = 20
_FrequencyY ("Y Axis Frequency", Range(0, 100)) = 10
_AmplitudeY ("Y Axis Amplitude", Range(0, 100)) = 0.02
}
SubShader
{
Tags{ "Queue" = "Transparent" "RenderType" = "Transparent" }
Blend SrcAlpha OneMinusSrcAlpha
LOD 100

Pass
{
CGPROGRAM
#pragma vertex vert
#pragma fragment frag

#include "UnityCG.cginc"

struct appdata
{
float4 vertex : POSITION;
float2 uv : TEXCOORD0;
};

struct v2f
{
float2 uv : TEXCOORD0;
float4 vertex : SV_POSITION;
};

sampler2D _MainTex;
float4 _MainTex_ST;
fixed _FrequencyX;
fixed _AmplitudeX;
fixed _WaveSpeedX;
fixed _FrequencyY;
fixed _AmplitudeY;
fixed _WaveSpeedY;

v2f vert (appdata v)
{
v2f o;
o.vertex = mul(UNITY_MATRIX_MVP, v.vertex);
o.uv = TRANSFORM_TEX(v.uv, _MainTex);
return o;
}

fixed4 frag (v2f i) : SV_Target
{
fixed2 uvs = i.uv;
uvs.x += sin(uvs.y * _FrequencyX + _Time * _WaveSpeedX) * _AmplitudeX;
uvs.x = (uvs.x * 0.9) + 0.05;
uvs.y += cos(uvs.x * _FrequencyY + _Time * _WaveSpeedY) * _AmplitudeY;
uvs.y = (uvs.y * 0.9) + 0.05;
fixed4 col = tex2D(_MainTex, uvs);
return col;
}
ENDCG
}
}
}
[/sourcecode]

The code works by applying a sine wave to the y-axis source texture coordinate and pumping that into the x-axis texture coordinate, a similar thing is done with the x-axis source texture coordinate, except that a cosine wave is applied to it. Note that when using this shader you should leave a little space around the bitmap text (around 10% of the image size) to prevent borders from showing.