Chasing 100x tokens is game of ‘irrational exuberance,’ says Polymarket CEO

Cryptocurrency trading is becoming a game of “irrational exuberance” as traders race to be among the earliest investors to find the next 100x token, according to Shayne Coplan, the CEO of prediction market platform Polymarket.“People think they’re buying something, it’s worthless, but they’re buying it. If it can go to 100X, they want to sell it before it goes back to zero,” said Coplan during a fireside chat at Token2049 Singapore on Wednesday. Coplan said that some traders can generate significant wealth through this strategy, but added that it is a “game of irrational exuberance and hot potato” where asset prices that rise must eventually come down.Nobel laureate economist Robert J. Shiller, in his 2000 book “Irrational Exuberance”, examined how optimism spreads through psychology, social dynamics and feedback effects. Similarly, some cryptocurrency traders are drawn to the asset class by the allure of quick wealth creation, but finding the next winning altcoin is difficult. In December, BitMEX co-founder Arthur Hayes argued that altcoin season never ended, but traders missed most of the big winners of the cycle. Shayne Coplan, CEO of Polymarket, speaking at Token2049 Singapore....