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 11,353,318 TAO in circulation at $236.6000 each, which is $2.69B. Holding that supply still and putting Tether Gold's $2.67B in its place gives $234.7457 per TAO.
Bittensor is already worth more than Tether Gold. Moving to the smaller cap would take TAO down to $234.7457, which is 0.992x 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.
$234.7457 per TAO. That is Tether Gold's current market capitalisation of $2.67B divided across the 11,353,318 TAO in circulation.
0.992x. Bittensor trades at $236.6000 today and Tether Gold's market cap is $2.67B against Bittensor's $2.69B.
No. It is one division: Tether 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 $2.67B of market cap spread over more coins gives a lower price per coin. This uses the 11,353,318 TAO in circulation now.