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 131,721,691 BNB in circulation at $747.8300 each, which is $98.51B. Holding that supply still and putting Bittensor's $2.89B in its place gives $21.9481 per BNB.
BNB is already worth more than Bittensor. Moving to the smaller cap would take BNB down to $21.9481, which is 0.029x 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.
$21.9481 per BNB. That is Bittensor's current market capitalisation of $2.89B divided across the 131,721,691 BNB in circulation.
0.029x. BNB trades at $747.8300 today and Bittensor's market cap is $2.89B against BNB's $98.51B.
No. It is one division: Bittensor'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 $2.89B of market cap spread over more coins gives a lower price per coin. This uses the 131,721,691 BNB in circulation now.