I suspect that is actually a very simple setup. A Cloner is cloning a null, which looks like it's being animated via a random effector in Noise or Gaussian Mode. A MoGraph Tracer (unclear which mode, though I suspect 'connect all nodes') then presumably takes the output null(s) from that, generates connecting splines between them and feeds that to the Volume Builder where dilate / erode and SDF Smooth are used to thicken and smooth the animating spline into the sort of shape you see above. The disadvantage to that sort of setup is that the movement is not very art directable, based, as it seems to be, on random movement where the only control we have is animation speed and position parameter being randomised. Of course that would be circumnavigable by just manually keying the animation of nulls yourself....
Here's a quick starter file in which you can change cloner numbers / modes and play with volume builder effects...
VB Tracer.c4d
CBR