Polymarket CEO Shayne Coplan believes that the hunt for tokens capable of x100 gains is a case of “irrational exuberance.” He stated this on Wednesday, October 7, 2026, at Token2049 in Singap
Polymarket CEO Shayne Coplan believes that the hunt for tokens capable of x100 gains is a case of “irrational exuberance.” He stated this on Wednesday, October 7, 2026, at Token2049 in Singapore. According to him, these buyers know that the crypto asset is worthless and plan to resell before it returns to zero. According to DefiLlama, Polymarket shows $1.22 billion in volume over seven days, behind Kalshi.
At Token2049 in Singapore, Shayne Coplan describes a “game of irrational exuberance” and “hot potato”. The fact is that buyers of these crypto assets aim to sell before the price returns to zero. He admits some get rich but reminds that what goes up eventually comes down. He even contrasts prediction markets, which he says have no exponential gain.
People think they are buying something, it’s worthless, but they buy it. If it can x100, they want to resell before it crashes back to zero.
Shayne Coplan, CEO of Polymarket, Token2049 Singapore, October 7, 2026
According to the Pew Research Center, an average Polymarket crypto trader wagered just over $600 for a net loss of less than $2 over six weeks (May-June 2026). 56% of accounts ended in loss, 7% gained more than $1,000, and 9% lost as much. This brings the total losing accounts to almost 69%.
Net result over six weeks Share of accounts Gain over $1,000 7% Gain from 0 to $1,000 37% Loss from 0 to $1,000 47% Loss over $1,000 9% Source: Pew Research Center, 11,989 Polymarket accounts, May 7 to June 19, 2026 (excluding Polymarket US).This sample says nothing about the long term, however. An April 2026 analysis reported 84.1% losing addresses out of 2.5 million. For a binary contract, a losing position settles at zero.
Another interesting fact provided by DefiLlama: the platform has $1.22 billion in volume over seven days, compared to $2.31 billion for Kalshi.
On September 24, 2026, New York Attorney General Letitia James and Governor Kathy Hochul announced an action against Polymarket US. According to the official statement, the crypto prediction platform is accused of operating unlicensed gambling. Polymarket obviously disputes this and invokes the exclusive jurisdiction of the CFTC.
Shayne Coplan’s speech at Token2049 in Singapore also serves his platform, already targeted in Spain since May 26, 2026. The next legal step in New York, before a Manhattan federal court, has no date announced at this stage.
Beyond Polymarket, the issue is clear: the appetite of retail crypto traders for risk. x100 tokens or binary contracts? The promise of quick gains attracts as much as it exposes. Authorities, from Spain to New York, already consider these bets as gambling. Polymarket disputes this. Story to follow…
