Thought about creating the text as a Sprite and animate the sprite.
But is there a better way?
Update: this seems like a somewhat convoluted in-game way but it works 
You want to use timers here. Create an object variable toggled, and use a timer to every 0.2 seconds check if toggled is 1 in that case hide the sprite and make toggled = 0, and if toggled = 0 show the sprite and make toggled = 1
You can see how I do it by checking the level 1 events in my Not-A-Vania demo. It’s a combination of Timers and show/hide Not-A-Vania by Silver-Streak
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