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 750,944,700 LINK in circulation at $11.4990 each, which is $8.64B. Holding that supply still and putting Tether Gold's $2.67B in its place gives $3.5500 per LINK.
Chainlink is already worth more than Tether Gold. Moving to the smaller cap would take LINK down to $3.5500, which is 0.309x 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.
$3.5500 per LINK. That is Tether Gold's current market capitalisation of $2.67B divided across the 750,944,700 LINK in circulation.
0.309x. Chainlink trades at $11.4990 today and Tether Gold's market cap is $2.67B against Chainlink's $8.64B.
No. It is one division: Tether Gold'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 $2.67B of market cap spread over more coins gives a lower price per coin. This uses the 750,944,700 LINK in circulation now.