Code idea by JeTz.

Batch File Rainbow Text Code [Team Devnet].bat

rem "ping -n 2" the "2" is the number of seconds to delay to changing color, you can edit this
rem if the text is not delaying (aka flashing at a rapid rate) then replace "127.0.0.1" with localhost

@echo off
title Team Devnet's Ranbow Text          %time%   //   %date%
:1
cls
color 08
echo Hey there!
ping -n 2 127.0.0.1 > nul
goto 2
:2
cls
color 09
echo Hey there!
ping -n 2 127.0.0.1 > nul
goto 3
:3
cls
color 0a
echo Hey there!
ping -n 2 127.0.0.1 > nul
goto 4
:4
cls
color 0b
echo Hey there!
ping -n 2 127.0.0.1 > nul
goto 5
:5
cls
color 0c
echo Hey there!
ping -n 2 127.0.0.1 > nul
goto 6
:6
cls
color 0d
echo Hey there!
ping -n 2 127.0.0.1 > nul
goto 7
:7
cls
color 0e
echo Hey there!
ping -n 2 127.0.0.1 > nul
goto 1