Start by applying a gradient to the background.

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Type text in a new layer.

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Right click the layer and select rasterize.

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Using rectangular marquee tool create a selection over P. Press Ctrl+Shift+J to cut and paste the selection in a new layer.

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Similarly cut & paste all the alphabets.
Hide all alphabets except P.

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Select lower portion of P using rectangular marquee tool. Press Ctrl+Alt+J to cut and paste the selection in a new layer.

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Similarly split the other parts of P in separate layers.

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Create a pen using custom shape tool.

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Split the other alphabets in separate layers similarly.

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Double click the pen layer to open layer style window. Apply layer style with the settings shown.

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Place it at the bottom of first letter P as shown in the image below.

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Open animation window. For the first frame hide all text.

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Duplicate frame. Move the pen along with the flow of the text and keep unhiding the alphabets parts as you move ahead.

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Duplicate the layer and scale it up.

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Adjust delay duration of the frames as per your speed requirement.

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Press Ctrl+Alt+Shift+S to save an optimized animated GIF.