Hey SandBerg,
Welcome to the OldMiniBikes forum.
I think theJoker is heading in the right direction...sounding like you've got either something up with your axle, or your bearings are getting worn out.
When my bearings went, it did give a funny feeling when rolling, much like it was bobbing up and down. (and the chain got tight then slack each revolution).
Good luck, and let us know what you find !
again Welcome !