Should ONE PalCoin Really be Worth .375 Steem?

In my once weekly overview of my Steem Engine holdings I noticed that ONE PalCoin is worth .375 Steem? Right off the bat I thought to myself something is off! I love the idea and team behind PalNet but for a burgeoning coin/token that is piggy backing off Steem to have 37.5% of the value of Steem is insane. Of course as many of you probably figured out I'm an idiot sometime.

There are only 15,115,862.08 palcoins out there in the world, while there are 322,857,797 Steem. If PalCoin was actually worth 37.5% the value of Steem one PalCoin would be worth roughly $2.75. So a value of $.15 a palcoin or $2,275,030 total market cap seems pretty fair. There is a lot of excitement behind palcoin, some great devs behind palnet and the future does look bright but it isn't in fact worth 37.5% of the Steem market value. The developers behind palnet were just nice enough to give us small Steem holders a bigger percentage of the ecosystem. So congrats to the palcoin team and holders! Hopefully, one day soon I'll be seeing $2 pal.

Cheers!