Verb.
To Smeagol is to hoard something in an obsessive scary way that is their precious. Usually involving an abrupt personality change.
Refurring to a character in the Lord of the Rings movies who was obsessed with the evil ring of power making him nuts and became Gollum.
(Technically from a nerdy standpoint it is "Golluming" but it didn't sound as funny.)
She was hugging the free fabric Smeagoling it to make sure the other crafters didn't get her precious pile.
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