Polymarket CEO: Chasing 100x tokens is an "irrational exuberance" game, with some traders shifting to pursue more predictable opportunities.

Polymarket CEO Shayne Coplan told attendees at Singapore’s Token2049 conference that chasing the next 100x token has become a “game of irrational exuberance and hot potatoes”. He noted that traders may buy tokens even if they deem them to have no intrinsic value, solely for their potential to surge 100x, hoping to sell before the price collapses. While some people do accumulate wealth this way, Coplan argued that inflated asset prices will eventually correct. Coplan added that Polymarket’s user growth reflects that some traders are seeking opportunities with more predictable odds rather than chasing the next hot token. He emphasized that prediction markets do not offer exponential upside, though traders with relevant information are still willing to participate. DefiLlama data shows Polymarket recorded roughly $1.21 billion in trading volume over the past seven days, ranking second among prediction markets, while Kalshi saw around $2.3 billion. However, prediction markets also face risks. A prior report from 10x Research pointed out that data-driven professional traders may exploit information asymmetry and price spreads to turn a profit. Additionally, more than a dozen U.S. states have taken legal action against Polymarket, Kalshi, or both over sports event-related contracts.