Polymarket CEO: Chasing 100x coins is a game of 'irrational exuberance,' with some traders turning to seek more predictable opportunities.

October 7 — Polymarket CEO Shayne Coplan said at the Token2049 conference in Singapore that chasing the next hundredfold token is becoming "a game of irrational exuberance and hot potato." He pointed out that traders may buy a token even if they believe it has no value, because of its potential for a hundredfold rise, hoping to sell before the price goes to zero. Some people can indeed accumulate wealth this way, but he believes that rising asset prices will eventually fall back.

Coplan said Polymarket's user growth reflects that some traders are looking for opportunities with more predictable odds, rather than chasing the next hot token. He emphasized that prediction markets do not have exponential upside, but traders who possess relevant information are still willing to participate. DefiLlama data shows that Polymarket's trading volume over the past 7 days was about $1.21 billion, ranking second among prediction markets, while Kalshi was about $2.3 billion.

However, prediction markets also face risks. A previous report by 10x Research pointed out that data-driven professional traders may exploit information asymmetry and price spreads for profit. In addition, more than ten U.S. states have taken legal action against Polymarket, Kalshi, or both over sports event contracts.