Arithmetic on today's supply, not a forecast. It assumes nothing about whether BNB could attract that much money.
A coin's market capitalisation is its price multiplied by the number of coins in circulation. BNB has 133,129,343 BNB in circulation at $726.4300 each, which is $96.71B. Holding that supply still and putting Hyperliquid's $19.92B in its place gives $149.6536 per BNB.
BNB is already worth more than Hyperliquid. Moving to the smaller cap would take BNB down to $149.6536, which is 0.206x of what it trades at now.
Supply is held still, and in practice it moves: coins are minted, burned and unlocked, and every one of those changes the price a given market capitalisation implies. The figure also says nothing about whether the money exists to buy BNB at that level, which is the part that actually decides a price.
$149.6536 per BNB. That is Hyperliquid's current market capitalisation of $19.92B divided across the 133,129,343 BNB in circulation.
0.206x. BNB trades at $726.4300 today and Hyperliquid's market cap is $19.92B against BNB's $96.71B.
No. It is one division: Hyperliquid's market capitalisation spread over the supply of BNB that exists today. It assumes nothing about whether BNB could attract that much money, and it holds the supply still when in practice supply changes.
It sets it. Market cap is price times circulating supply, so the same $19.92B of market cap spread over more coins gives a lower price per coin. This uses the 133,129,343 BNB in circulation now.