Arithmetic on today's supply, not a forecast. It assumes nothing about whether Polkadot could attract that much money.
A coin's market capitalisation is its price multiplied by the number of coins in circulation. Polkadot has 1,692,279,772 DOT in circulation at $1.0120 each, which is $1.71B. Holding that supply still and putting Hyperliquid's $19.92B in its place gives $11.7730 per DOT.
Polkadot would have to take on $18.21B of new money to get there. A 11.6x move is large: it happens, and it usually needs the whole market to grow instead of one coin to take share from another.
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 DOT at that level, which is the part that actually decides a price.
$11.7730 per DOT. That is Hyperliquid's current market capitalisation of $19.92B divided across the 1,692,279,772 DOT in circulation.
11.6x. Polkadot trades at $1.0120 today and Hyperliquid's market cap is $19.92B against Polkadot's $1.71B.
No. It is one division: Hyperliquid's market capitalisation spread over the supply of DOT that exists today. It assumes nothing about whether Polkadot 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 1,692,279,772 DOT in circulation now.