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 254,174,072 HYPE in circulation at $78.4100 each, which is $19.93B. Holding that supply still and putting Ethena's $2.64B in its place gives $10.3958 per HYPE.
Hyperliquid is already worth more than Ethena. Moving to the smaller cap would take HYPE down to $10.3958, which is 0.133x 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.
$10.3958 per HYPE. That is Ethena's current market capitalisation of $2.64B divided across the 254,174,072 HYPE in circulation.
0.133x. Hyperliquid trades at $78.4100 today and Ethena's market cap is $2.64B against Hyperliquid's $19.93B.
No. It is one division: Ethena'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 $2.64B of market cap spread over more coins gives a lower price per coin. This uses the 254,174,072 HYPE in circulation now.