Polymarket CEO Shayne Coplan said at a fireside chat during Token2049 in Singapore that crypto trading is increasingly driven by a race to spot the next 100x token first, even when the underlying asset may have little or no real value. He described the dynamic as a mix of "irrational exuberance" and a greater-fool style passing game, where some traders can still make sizable gains if they sell before prices collapse. Coplan contrasted that behavior with activity on prediction markets, arguing that some traders are shifting toward bets with more predictable odds rather than chasing explosive crypto upside. He said Polymarket’s continued user growth points to that change. Data from DefiLlama shows Polymarket was the second-largest prediction market over the past seven days with $1.21 billion in prediction volume, behind Kalshi at $2.3 billion. The sector’s expansion has also drawn more regulatory attention in the United States. According to the report, JPMorgan ended its banking relationship with Polymarket on Aug. 14 over regulatory concerns, while saying it would still be interested in serving as an underwriter if the company sought a public listing.
Polymarket CEO Shayne Coplan said during a fireside chat at Token2049 in Singapore that crypto trading is turning into a game of "irrational exuberance," with traders racing to become the first to find the next 100x token.
Coplan said many people believe they are buying something of value when in fact it is worth nothing, but as long as there is a chance it could rise 100x, they want to buy in and sell before it goes to zero. He added that some traders can make substantial money with that approach, but called it a game of "irrational exuberance" and pass-the-parcel dynamics, with asset prices eventually falling back after the run-up.
He also said Polymarket’s continued user growth suggests that some traders are looking for wagers with more predictable odds instead of chasing the next crypto asset that could surge sharply. On Polymarket, he said, those markets do not offer exponential upside, but traders with information still keep betting on future events where the odds are easier to price.
According to DefiLlama, Polymarket is the second-largest prediction market, with $1.21 billion in prediction trading volume over the past seven days. The largest market, Kalshi, recorded $2.3 billion over the same period.
The growth of prediction markets has also attracted greater attention from U.S. regulators. According to the report, JPMorgan ended its banking relationship with Polymarket on Aug. 14 because of regulatory concerns, though it said it would still be interested in acting as an underwriter if Polymarket were to pursue a listing.
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