Text animation is used to gain attention from users. In the web, we can see text animation in many places like Banners, form elements etc. I have seen some websites using text animation to tell the user different features of their product. They have used mostly in the banner section of the website. Some retro or fancy websites using text animations in hover states as well.
See also : Amazing SVG Animation Tools And Libraries
Fitter Happier Text
Type Rendering Mix