Arithmetic on today's supply, not a forecast. It assumes nothing about whether Hyperliquid could attract that much money.
A coin's market capitalisation is its price multiplied by the number of coins in circulation. Hyperliquid has 253,241,007 HYPE in circulation at $78.5600 each, which is $19.89B. Holding that supply still and putting Cardano's $7.23B in its place gives $28.5586 per HYPE.
Hyperliquid is already worth more than Cardano. Moving to the smaller cap would take HYPE down to $28.5586, which is 0.364x 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 HYPE at that level, which is the part that actually decides a price.
$28.5586 per HYPE. That is Cardano's current market capitalisation of $7.23B divided across the 253,241,007 HYPE in circulation.
0.364x. Hyperliquid trades at $78.5600 today and Cardano's market cap is $7.23B against Hyperliquid's $19.89B.
No. It is one division: Cardano's market capitalisation spread over the supply of HYPE that exists today. It assumes nothing about whether Hyperliquid 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 $7.23B of market cap spread over more coins gives a lower price per coin. This uses the 253,241,007 HYPE in circulation now.