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 250,607,357 HYPE in circulation at $79.5000 each, which is $19.92B. Holding that supply still and putting Ondo's $1.69B in its place gives $6.7452 per HYPE.
Hyperliquid is already worth more than Ondo. Moving to the smaller cap would take HYPE down to $6.7452, which is 0.085x 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.
$6.7452 per HYPE. That is Ondo's current market capitalisation of $1.69B divided across the 250,607,357 HYPE in circulation.
0.085x. Hyperliquid trades at $79.5000 today and Ondo's market cap is $1.69B against Hyperliquid's $19.92B.
No. It is one division: Ondo'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 $1.69B of market cap spread over more coins gives a lower price per coin. This uses the 250,607,357 HYPE in circulation now.