Yes. A good % of influencers, celebrities, and big brands only use loop giveaways to grow their accounts and are gaining millions of followers each month through Instagram loop giveaways. These contests offer a big prize for fans who follow a list of Instagram accounts in order to enter. The strategy is one of the most cost-effective ways to grow real followers by 50K, 100K, even 200K virtually overnight, but…they’re not cheap to participate in.
The number one reason they love loop giveaways is that they do not have to give their password to a third party. Keep in mind that a lot of influencers and celebrities are looking for big follower jumps, but do not want to buy fake followers. They necessarily do not care ‘who’ follows them, just as long as they are real accounts.
If you do not care about targeting specific users and want guaranteed growth without giving an agency your password then loop giveaways is your only option.