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 254,178,216 HYPE in circulation at $78.5600 each, which is $19.97B. Holding that supply still and putting Ethereum's $282.7B in its place gives $1,112.22 per HYPE.
Hyperliquid would have to take on $262.73B of new money to get there. A 14.2x move is large: it happens, and it usually needs the whole market to grow instead of one coin to take share from another.
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.
$1,112.22 per HYPE. That is Ethereum's current market capitalisation of $282.7B divided across the 254,178,216 HYPE in circulation.
14.2x. Hyperliquid trades at $78.5600 today and Ethereum's market cap is $282.7B against Hyperliquid's $19.97B.
No. It is one division: Ethereum'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 $282.7B of market cap spread over more coins gives a lower price per coin. This uses the 254,178,216 HYPE in circulation now.