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 253,102,944 HYPE in circulation at $79.0200 each, which is $20B. Holding that supply still and putting Avalanche's $3.29B in its place gives $13.0182 per HYPE.
Hyperliquid is already worth more than Avalanche. Moving to the smaller cap would take HYPE down to $13.0182, which is 0.165x 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.
$13.0182 per HYPE. That is Avalanche's current market capitalisation of $3.29B divided across the 253,102,944 HYPE in circulation.
0.165x. Hyperliquid trades at $79.0200 today and Avalanche's market cap is $3.29B against Hyperliquid's $20B.
No. It is one division: Avalanche'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 $3.29B of market cap spread over more coins gives a lower price per coin. This uses the 253,102,944 HYPE in circulation now.