How do I make a constantly deforming mesh?

I’m working on a game that’s similar to Spore’s cell stage, but I couldn’t figure out how to make an amoeba. An amoeba, being an unicellular organism, doesn’t have a definite shape. Some of my ideas include using jiggle physics with spring modifiers, and another include using morph targets, in which the mesh morphs to other random shapes.

Is there a better idea of doing this? I’m asking to see if there are any other way, perhaps more efficient to do this before I start with either method.

Here is tutorial about metaballs, maybe it would be useful

https://docs.unrealengine.com/latest/INT/Videos/PLZlv_N0_O1ga0aV9jVqJgog0VWz1cLL5f/HaUAfgrZjlU/