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 11,494,327 TAO in circulation at $232.8000 each, which is $2.68B. Holding that supply still and putting NEAR Protocol's $3B in its place gives $261.4261 per TAO.
The two are close in size, so the answer is a 1.12x move. Bittensor and NEAR Protocol 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 TAO at that level, which is the part that actually decides a price.
$261.4261 per TAO. That is NEAR Protocol's current market capitalisation of $3B divided across the 11,494,327 TAO in circulation.
1.12x. Bittensor trades at $232.8000 today and NEAR Protocol's market cap is $3B against Bittensor's $2.68B.
No. It is one division: NEAR Protocol'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 $3B of market cap spread over more coins gives a lower price per coin. This uses the 11,494,327 TAO in circulation now.