Arithmetic on today's supply, not a forecast. It assumes nothing about whether Bittensor could attract that much money.
A coin's market capitalisation is its price multiplied by the number of coins in circulation. Bittensor has 11,259,251 TAO in circulation at $239.1000 each, which is $2.69B. Holding that supply still and putting UNUS SED LEO's $8.33B in its place gives $739.9044 per TAO.
A 3.09x 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 TAO at that level, which is the part that actually decides a price.
$739.9044 per TAO. That is UNUS SED LEO's current market capitalisation of $8.33B divided across the 11,259,251 TAO in circulation.
3.09x. Bittensor trades at $239.1000 today and UNUS SED LEO's market cap is $8.33B against Bittensor's $2.69B.
No. It is one division: UNUS SED LEO's market capitalisation spread over the supply of TAO that exists today. It assumes nothing about whether Bittensor 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 $8.33B of market cap spread over more coins gives a lower price per coin. This uses the 11,259,251 TAO in circulation now.