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The practice of aggressively promoting a cryptocurrency is known as shilling. Shills tries to generate buzz by endorsing the product in public forums.They tend to promote cryptocurrencies so that interest grows, people buy them, and the price rises.
Here are three reasons why someone would promote a cryptocurrency:
- A shiller could be an influencer who has been paid to promote cryptocurrency.
- A shiller could be a member of the team that helped design the cryptocurrency and is eager to see it thrive.
- A Shiller may have purchased cryptocurrency to sell it for a profit. He tells a lot of people about how fantastic it is, so they buy it, which creates demand and raises the price.
Although there is nothing wrong with shilling per se, be wary of the shills you meet online. Some might be doing so under the guise of sincerity, although they are actually being paid for his efforts. Some shills can also make downright false claims, so always do your own research before committing funds to any cryptocurrency.
