Arithmetic on today's supply, not a forecast. It assumes nothing about whether Rain could attract that much money.
A coin's market capitalisation is its price multiplied by the number of coins in circulation. Rain has 719,954,269,322 RAIN in circulation at $0.01554 each, which is $11.19B. Holding that supply still and putting Bittensor's $2.69B in its place gives $0.00373925 per RAIN.
Rain is already worth more than Bittensor. Moving to the smaller cap would take RAIN down to $0.00373925, which is 0.241x 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 RAIN at that level, which is the part that actually decides a price.
$0.00373925 per RAIN. That is Bittensor's current market capitalisation of $2.69B divided across the 719,954,269,322 RAIN in circulation.
0.241x. Rain trades at $0.01554 today and Bittensor's market cap is $2.69B against Rain's $11.19B.
No. It is one division: Bittensor's market capitalisation spread over the supply of RAIN that exists today. It assumes nothing about whether Rain 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 719,954,269,322 RAIN in circulation now.