Arithmetic on today's supply, not a forecast. It assumes nothing about whether Gram (prev. Toncoin) could attract that much money.
A coin's market capitalisation is its price multiplied by the number of coins in circulation. Gram (prev. Toncoin) has 2,790,974,420 GRAM in circulation at $1.3630 each, which is $3.8B. Holding that supply still and putting Bittensor's $2.69B in its place gives $0.96456882 per GRAM.
Gram (prev. Toncoin) is already worth more than Bittensor. Moving to the smaller cap would take GRAM down to $0.96456882, which is 0.708x 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 GRAM at that level, which is the part that actually decides a price.
$0.96456882 per GRAM. That is Bittensor's current market capitalisation of $2.69B divided across the 2,790,974,420 GRAM in circulation.
0.708x. Gram (prev. Toncoin) trades at $1.3630 today and Bittensor's market cap is $2.69B against Gram (prev. Toncoin)'s $3.8B.
No. It is one division: Bittensor's market capitalisation spread over the supply of GRAM that exists today. It assumes nothing about whether Gram (prev. Toncoin) 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 $2.69B of market cap spread over more coins gives a lower price per coin. This uses the 2,790,974,420 GRAM in circulation now.