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

BlockBeats news, October 7th, Polymarket CEO Shayne Coplan stated 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 tokens even if they believe they have no value, due to their potential for hundredfold gains, hoping to sell before the price drops to zero. Some people can indeed accumulate wealth this way, but he believes that rising asset prices will ultimately fall back.

Coplan stated 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 have exponential upside, but traders with relevant information are still willing to participate. DefiLlama data shows that Polymarket's trading volume over the past 7 days was approximately $1.21 billion, ranking second in 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 regarding sports event contracts.