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 PAX Gold's $1.89B in its place gives $164.0151 per TAO.
Bittensor is already worth more than PAX Gold. Moving to the smaller cap would take TAO down to $164.0151, which is 0.705x 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 TAO at that level, which is the part that actually decides a price.
$164.0151 per TAO. That is PAX Gold's current market capitalisation of $1.89B divided across the 11,494,327 TAO in circulation.
0.705x. Bittensor trades at $232.8000 today and PAX Gold's market cap is $1.89B against Bittensor's $2.68B.
No. It is one division: PAX Gold'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 $1.89B of market cap spread over more coins gives a lower price per coin. This uses the 11,494,327 TAO in circulation now.