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 747,918,204 LINK in circulation at $11.4960 each, which is $8.6B. Holding that supply still and putting UNUS SED LEO's $8.33B in its place gives $11.1422 per LINK.
Chainlink is already worth more than UNUS SED LEO. Moving to the smaller cap would take LINK down to $11.1422, which is 0.969x 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.
$11.1422 per LINK. That is UNUS SED LEO's current market capitalisation of $8.33B divided across the 747,918,204 LINK in circulation.
0.969x. Chainlink trades at $11.4960 today and UNUS SED LEO's market cap is $8.33B against Chainlink's $8.6B.
No. It is one division: UNUS SED LEO'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 $8.33B of market cap spread over more coins gives a lower price per coin. This uses the 747,918,204 LINK in circulation now.