I will post a solution that I arrived here that I found interesting and solves some bugs. 
The main thing here was to make a small Hake to the underline cool rendering. For this I needed to use a transparent linear-gradient as span background. I don’t wonder why, because I discovered this accidentally...  While I was testing the behavior of the animated element I put a background-color on it and I realized that the bug stopped, but using the color in rgba() the problem comes back, but with a background-imagem: linear-gradiend the bug does not happen, at least in the Chrome!
I also had to use the property text-underline-position: under; to fix this problem on Chrome:

See the result In Chrome and Firefox

I also needed to make an adjustment using display:inline-block, overflow and height to control how the line will get cut off etc...
Follow the code used:
div {
    font-family: sans-serif;
    font-size: 2rem;
}
div span,
div .efeito{
    display: inline-block;
    height: 60px;
    overflow: hidden;
}
div .efeito{
    font-weight: bold;
    text-decoration: underline;
    text-decoration-color: orange;
    text-underline-position: under;
    position: relative;
}
div .efeito:hover{
    text-decoration: none;
}
div .efeito::after{
    content: attr(data-text);
    width: 100%;
    color: transparent;
    position: absolute;
    top: 0;
    left: 15px;
    transition: 0s linear;
    text-decoration: none;
    text-decoration-style: none;
    text-decoration-color: orange;
    display: inline-block;
    height: 60px;
    text-underline-position: under;
    background-image: linear-gradient(rgba(0,0,0,0.0), rgba(0,0,0,0.0));
    z-index: -1;
}
div .efeito:hover::after {
    animation: underx 500ms infinite linear;
    text-decoration: underline;
    text-decoration-style: wavy;
    text-decoration-color: orange;
}
@keyframes underx {
    to {
        left: 0px;
    }
}
<div>
    <span class="efeito" data-text="meuy texto 123">meuy texto 123</span> <span>segue conteúdo.</span>
</div>
 
 
OBS: In fonts of different sizes quite possibly you will need to adjust the values that are in PX
							
							
						 
The question is how to leave excited (moving)?
– Costamilam
@Guilhermecostamilam this there, how to put this underline to run?
– hugocsl
@David thanks for editing
– hugocsl
@hugocsl where do you get this gif? there’s some link for me to take a look at?
– Renan
@Renanosorio, svg effect
– David
@Renanosorio is this link right there that David said, inclusive la tem MUITO coisa boa, da para perder uma tarde la fácil
– hugocsl