Arithmetic on today's supply, not a forecast. It assumes nothing about whether Ethena could attract that much money.
A coin's market capitalisation is its price multiplied by the number of coins in circulation. Ethena has 13,557,471,758 ENA in circulation at $0.1949 each, which is $2.64B. Holding that supply still and putting Hyperliquid's $19.93B in its place gives $1.4700 per ENA.
A 7.54x move is modest, and a coin this far down the table reaching the one above it is the ordinary shape of a cycle, not an outlier.
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 ENA at that level, which is the part that actually decides a price.
$1.4700 per ENA. That is Hyperliquid's current market capitalisation of $19.93B divided across the 13,557,471,758 ENA in circulation.
7.54x. Ethena trades at $0.1949 today and Hyperliquid's market cap is $19.93B against Ethena's $2.64B.
No. It is one division: Hyperliquid's market capitalisation spread over the supply of ENA that exists today. It assumes nothing about whether Ethena 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 $19.93B of market cap spread over more coins gives a lower price per coin. This uses the 13,557,471,758 ENA in circulation now.