When Morselhoarder dies, its undying ability triggers, returning it from your graveyard to the battlefield without a +1/+1 counter on it due to its replacement effect.
Resolve the Shilgengar ability
Repeat.
This loop relies on Mikaeus, the Unhallowed to grant undying to Morselhoarder, turning every trip to the graveyard into a resurrection with a +1/+1 counter. Meanwhile, Shilgengar, Sire of Famine provides the sacrifice outlet needed to put Morselhoarder in the graveyard while generating Blood tokens in the process. Because Morselhoarder enters with -1/-1 counters that immediately cancel out any +1/+1 counters it receives, its undying trigger will keep resetting indefinitely. This continuous cycle of sacrificing Morselhoarder to Shilgengar generates an infinite supply of Blood tokens and triggers alongside endless death and resurrection effects.