Parenting/Mask
I parented both the spheres to a null to get them to orbit while using a mask on my name to show a galaxy image through it. Then I just messed with a particle system and gradient's to make the "explosion" look better
Keyframes/Track Matte
I used keyframes for the bouncing and squash and stretch animations along with a track matte to get a texture to show through the balls. I used an expression to get it to loop and parented the balls to a shape layer so I could make them bounce left and right without messing with the up and down bouncing