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 11,302,191 TAO in circulation at $237.2000 each, which is $2.68B. Holding that supply still and putting Solana's $59.68B in its place gives $5,280.68 per TAO.
Bittensor would have to take on $57B of new money to get there. A 22.3x move is large: it happens, and it usually needs the whole market to grow instead of one coin to take share from another.
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.
$5,280.68 per TAO. That is Solana's current market capitalisation of $59.68B divided across the 11,302,191 TAO in circulation.
22.3x. Bittensor trades at $237.2000 today and Solana's market cap is $59.68B against Bittensor's $2.68B.
No. It is one division: Solana'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 $59.68B of market cap spread over more coins gives a lower price per coin. This uses the 11,302,191 TAO in circulation now.