Polymarket CEO Calls Chasing 100x Tokens "Irrational Exuberance"

Odaily News: Shayne Coplan, CEO of prediction market platform Polymarket, stated that chasing tokens that could appreciate 100x amounts to "irrational exuberance" and a game of "greater fool theory." Some traders attempt to sell before token prices go to zero, though a few may accumulate wealth in the process.

Coplan pointed out that Polymarket users prefer to participate in event trading with relatively predictable odds, rather than searching for the next 100x token. Polymarket's prediction trading volume over the past 7 days reached $1.21 billion, while Kalshi's was $2.3 billion during the same period.

Multiple U.S. states have taken legal action against Polymarket, Kalshi, or both regarding sports event contracts, and several countries and regions have also restricted or blocked access to Polymarket. (Cointelegraph)