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I can think of a few advantages, the primary one being you do not need expertise in making graphic files to build this.

And once it is set up, it can be tweaked really easily from within the text editor you are already using for the rest of the project rather than having to jump out into Photoshop/Illustrator or ask the designer for a new asset.

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You can modify and finetune the look and timing of the animation in CSS code.

While this is also possible with SVG animations, they tend to be not as widely supported as CSS animations and at least I need to google for information about this topic as SVG is not an everyday topic for me.

Regarding GIF animations: they are larger in size and you first have to find and use tools to generate them. When avoiding the additional request: data URLs are ugly.

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