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 250,922,983 HYPE in circulation at $79.4000 each, which is $19.92B. Holding that supply still and putting Canton's $3.9B in its place gives $15.5346 per HYPE.
Hyperliquid is already worth more than Canton. Moving to the smaller cap would take HYPE down to $15.5346, which is 0.196x 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.
$15.5346 per HYPE. That is Canton's current market capitalisation of $3.9B divided across the 250,922,983 HYPE in circulation.
0.196x. Hyperliquid trades at $79.4000 today and Canton's market cap is $3.9B against Hyperliquid's $19.92B.
No. It is one division: Canton'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 $3.9B of market cap spread over more coins gives a lower price per coin. This uses the 250,922,983 HYPE in circulation now.