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1Fix the driver behind crashes, sound loss and screen glitches2Repair Windows errors before they cause bigger problems3Scan for outdated or missing drivers - takes under a minutePolymarket CEO Shayne Coplan described the pursuit of the next 100x token as a game of “irrational exuberance and hot potato,” according to Cointelegraph’s October 7, 2026 report on his fireside chat at Token2049 Singapore. His criticism was that some buyers may accept an asset they consider worthless, hoping to sell it to someone else before its price collapses.
What Coplan said about 100x tokens
Cointelegraph attributed this description of the trade to Coplan: “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.” The report presents 100x as a hoped-for speculative outcome, not a typical or promised return.
The “hot potato” comparison captures the timing risk: a buyer may be counting on a later buyer to pay more, rather than on the asset’s underlying value. If enough traders try to exit at once, the price can fall before an individual seller gets out. Cointelegraph reported these remarks from the Singapore event; it did not link to a recording or transcript, so the quotation is attributable to its report rather than independently verified here. Read Cointelegraph’s report.
Why call it “irrational exuberance”?
The phrase describes optimism that can feed on itself: rising prices attract attention and buyers, which may push prices higher and encourage still more optimism. In Irrational Exuberance (2000), economist Robert J. Shiller examined psychological, social and feedback mechanisms behind market optimism. That background helps explain the phrase, but it does not establish that every speculative purchase is irrational or prove Coplan’s characterization of any particular token.
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How token speculation differs from Polymarket event markets
Coplan contrasted the hoped-for price multiplication in token speculation with trading on Polymarket, saying: “On Polymarket, if you’re trading these markets, there’s no exponential upside,” as quoted by Cointelegraph. The distinction is the payoff being pursued: a token buyer may hope the asset’s price multiplies, while an event-market trader takes a position on a future outcome.
That difference does not make event markets risk-free or reliably predictable. The report does not establish that event-market trading has better risk-adjusted returns, or that it is safer than buying tokens. The quotation describes the type of upside Coplan sees as absent, not a guarantee about a trader’s result.
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What the reported volume figures do—and do not—show
Cointelegraph’s October 7, 2026 report cited DefiLlama figures of $1.21 billion in prediction volume over the preceding seven days for Polymarket and $2.3 billion for Kalshi. These are rolling snapshots reported at that time, not enduring measures of platform size, trading quality, or an individual trader’s prospects. The article also mentioned regulatory scrutiny, but those details do not establish either platform’s legal status in a reader’s jurisdiction.
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