Arithmetic on today's supply, not a forecast. It assumes nothing about whether Sui could attract that much money.
A coin's market capitalisation is its price multiplied by the number of coins in circulation. Sui has 4,111,359,261 SUI in circulation at $0.723 each, which is $2.97B. Holding that supply still and putting Hyperliquid's $20B in its place gives $4.8646 per SUI.
A 6.73x 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 SUI at that level, which is the part that actually decides a price.
$4.8646 per SUI. That is Hyperliquid's current market capitalisation of $20B divided across the 4,111,359,261 SUI in circulation.
6.73x. Sui trades at $0.723 today and Hyperliquid's market cap is $20B against Sui's $2.97B.
No. It is one division: Hyperliquid's market capitalisation spread over the supply of SUI that exists today. It assumes nothing about whether Sui 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 $20B of market cap spread over more coins gives a lower price per coin. This uses the 4,111,359,261 SUI in circulation now.