Arithmetic on today's supply, not a forecast. It assumes nothing about whether MemeCore could attract that much money.
A coin's market capitalisation is its price multiplied by the number of coins in circulation. MemeCore has 2,257,967,728 M in circulation at $1.1821 each, which is $2.67B. Holding that supply still and putting Bittensor's $2.69B in its place gives $1.1923 per M.
The two are close in size, so the answer is a 1.01x move. MemeCore and Bittensor are within a factor of two of each other by market capitalisation.
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 M at that level, which is the part that actually decides a price.
$1.1923 per M. That is Bittensor's current market capitalisation of $2.69B divided across the 2,257,967,728 M in circulation.
1.01x. MemeCore trades at $1.1821 today and Bittensor's market cap is $2.69B against MemeCore's $2.67B.
No. It is one division: Bittensor's market capitalisation spread over the supply of M that exists today. It assumes nothing about whether MemeCore 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 $2.69B of market cap spread over more coins gives a lower price per coin. This uses the 2,257,967,728 M in circulation now.