Polkadot Redomination

This is so absurd to me and no one seems to be talking about it. Yes I'm an idiot and yes I'm a relatively newfag. Polkadot just came from nowhere and no one's explaining why. The only explanation is because of the "redomination" and that they basically multiplied everyone's holdings by 100. So I'm supposed to believe that literally everyone did a 100x and none of them bothered to sell any of it? They basically printed money all the way to 5th market cap. Can someone explain this?

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They divided the price by 100, so when Polkadot was 200 and was redistributed, to $2, everyone got 100 per.

Not even a newfag issue, more like you don’t know math issue.

Market cap is not how much money is in the project it's the valuation that people are buying it at. It's just an over-hyped piece of shit. People believe the company/project is valued at 4.6 billion. You actually think market cap is how much money is in the coin/stock..?

Whether it’s a legit climb to the top 5 or not is kind of irrelevant. The upside is limited. If you want an interoperability play that can scale and has real life use by Oracle and SIA (580+ banks), with a market cap of under $100mm, you buy Quant. the upside is off the scale. There is no way Polkadot can compete - not on utility or price.

Polkadot didn't come from nowhere. It has been one of the most anticipated projects for years.
Even at it's ICO three years ago it was funded for around $400 000 000 IIRC, so it has barely gained 10x since the launch, that's peanuts compared to many other comparable projects.

Holy fuck, i didn’t know there were people this uninformed on dot or just the market in general.

Definitely don’t deserve to make it.

Then why did that cause the project to go from not even being in the top 100 to 5th? Why has every explanation I've been seeing say that this is the reason we've seen Polkadot rise up?

>People believe the company/project is valued at 4.6 billion.
Had almost nothing to do with what I had asked

It didn't. The redenomination doesn't matter.

And also, like I said it was always in the top 100 for years, but of course it isn't shown in the lists before the coin is actually tradeable.