Chasing 100x tokens is game of ‘irrational exuberance,’ says Polymarket CEO
Some traders are looking for more predictable prediction market opportunities, rather than playing “hot potato” with the next 100x gem, according to Polymarket’s Shayne Coplan.
Some traders are seeking more predictable opportunities in prediction markets instead of chasing the next 100x token, according to Polymarket CEO Shayne Coplan. Cryptocurrency trading is being described as a game of "irrational exuberance" as traders rush to be among the first to invest in the next big altcoin, according to Coplan.
Speaking at Token2049 Singapore, Coplan noted that people may buy a token with the hope it will increase 100-fold, but they are willing to sell it before it drops back to zero. Coplan explained that while some traders can make substantial wealth from this strategy, it is ultimately a "game of irrational exuberance and hot potato" where asset prices that rise must eventually fall.
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