Shill is someone who receives money to promote any project and has a financial interest in the success of the cryptocurrency. Most shitcoins need to be shilled to keep the FOMO process going and give the impression of being valuable. Shills gain large audiences on social media, either through purchased traffic or by collaborating with other shills.
What is Shill?
Shill is a covert advertisement by a person of status or reputation trying to promote a project. However, this advertisement may not be a reliable and accurate interpretation in all cases. At the same time, a position open to manipulation is created.
It is the Turkish version of the English word shill, which means “bait”. In crypto jargon, a coin is over-priced by constantly praising it.
What Does Shilling in Crypto Mean?
Shilling in crypto is the act of praising a cryptocurrency to the extent that it advertises it and encouraging purchases. It is generally observed that this action is done by popular social media users, financial people or those with a large number of followers.
If someone is actively endorsing a cryptocurrency, they are shilling it. The more people invest in that cryptocurrency after shilling, the more price increase will be.
How Do I Avoid Being Shilled?
Before you let someone convince you and your money on a project (no matter how enthusiastic) make sure you do the following:
Do your own research (DYOR) and learn the essential facts without subjective interpretation.
Look at the credentials of the person who approved the project and see if they have any previous crypto reputation. If they defend a project without considering the fundamentals, it means you have to be careful.
Do not YOLO or FOMO because of the influence of others. Volatility is part of cryptocurrency, and while the trajectory of a project may seem tempting, it will likely see a correction.
Fame doesn’t hide the truth, and “celebrity” status doesn’t mean it’s true insight.
