Arithmetic on today's supply, not a forecast. It assumes nothing about whether Chainlink could attract that much money.
A coin's market capitalisation is its price multiplied by the number of coins in circulation. Chainlink has 747,486,736 LINK in circulation at $11.4550 each, which is $8.56B. Holding that supply still and putting Polkadot's $1.73B in its place gives $2.3182 per LINK.
Chainlink is already worth more than Polkadot. Moving to the smaller cap would take LINK down to $2.3182, which is 0.202x 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 LINK at that level, which is the part that actually decides a price.
$2.3182 per LINK. That is Polkadot's current market capitalisation of $1.73B divided across the 747,486,736 LINK in circulation.
0.202x. Chainlink trades at $11.4550 today and Polkadot's market cap is $1.73B against Chainlink's $8.56B.
No. It is one division: Polkadot's market capitalisation spread over the supply of LINK that exists today. It assumes nothing about whether Chainlink 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 $1.73B of market cap spread over more coins gives a lower price per coin. This uses the 747,486,736 LINK in circulation now.