Arithmetic on today's supply, not a forecast. It assumes nothing about whether Quant could attract that much money.
A coin's market capitalisation is its price multiplied by the number of coins in circulation. Quant has 12,124,422 QNT in circulation at $191.7600 each, which is $2.32B. Holding that supply still and putting Chainlink's $8.53B in its place gives $703.4137 per QNT.
A 3.67x move is modest, and a coin this far down the table reaching the one above it is the ordinary shape of a cycle, not an outlier.
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 QNT at that level, which is the part that actually decides a price.
$703.4137 per QNT. That is Chainlink's current market capitalisation of $8.53B divided across the 12,124,422 QNT in circulation.
3.67x. Quant trades at $191.7600 today and Chainlink's market cap is $8.53B against Quant's $2.32B.
No. It is one division: Chainlink's market capitalisation spread over the supply of QNT that exists today. It assumes nothing about whether Quant 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 $8.53B of market cap spread over more coins gives a lower price per coin. This uses the 12,124,422 QNT in circulation now.