Polymarket on Meme Coins: Is the "prediction" just a reflection of hype?

Been watching some of the Polymarket action on meme coins, specifically $SHIB. With it hovering around $0.00000424, and $DEFI seeing some pressure around $74.41, it feels like the Polymarket odds for things like price targets or specific event resolutions in this space are less about predictive analysis and more about a lagging indicator of social sentiment. Are we really predicting outcomes, or just betting on the continued momentum of the narrative? It seems like the market itself (the actual price action) is what drives the Polymarket odds, rather than the other way around. Change my mind.