In an Excel workbook it is possible to insert a GIF, although the animation will only work when the image is inserted into a control. This can be done through Control Toolbox, Design mode and ...

Open your worksheet in Excel. ALT-F11 (opens the VBA coding window) Copy/Paste the above code into the editor ALT-F11 (switches back to Excel) Save-As a Macro-Enabled Workbook ...