Edit in JSFiddle

new Vue({
  el: '#example-2',
  data: {
    show: true
  }
})

<div id="example-2">
  <button @click="show = !show">Toggle show</button>
  <transition name="bounce">
    <p v-if="show">Lorem ipsum dolor sit amet, consectetur adipiscing elit. Mauris facilisis enim libero, at lacinia diam fermentum id. Pellentesque habitant morbi tristique senectus et netus.</p>
  </transition>
</div>

.bounce-enter-active {
  animation: bounce-in .5s;
}
.bounce-leave-active {
  animation: bounce-in .5s reverse;
}
@keyframes bounce-in {
  0% {
    transform: scale(0);
  }
  50% {
    transform: scale(1.5);
  }
  100% {
    transform: scale(1);
  }
}