Arithmetic on today's supply, not a forecast. It assumes nothing about whether TRON could attract that much money.
A coin's market capitalisation is its price multiplied by the number of coins in circulation. TRON has 94,845,248,840 TRX in circulation at $0.3398 each, which is $32.23B. Holding that supply still and putting Hyperliquid's $19.92B in its place gives $0.21006097 per TRX.
TRON is already worth more than Hyperliquid. Moving to the smaller cap would take TRX down to $0.21006097, which is 0.618x 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 TRX at that level, which is the part that actually decides a price.
$0.21006097 per TRX. That is Hyperliquid's current market capitalisation of $19.92B divided across the 94,845,248,840 TRX in circulation.
0.618x. TRON trades at $0.3398 today and Hyperliquid's market cap is $19.92B against TRON's $32.23B.
No. It is one division: Hyperliquid's market capitalisation spread over the supply of TRX that exists today. It assumes nothing about whether TRON 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 $19.92B of market cap spread over more coins gives a lower price per coin. This uses the 94,845,248,840 TRX in circulation now.