For example, if the market cap were 1/100 of its current value, then the transaction fees per year, denominated in dollars, would be $1800000, yielding the same

For example, if the market cap were 1/100 of its current value, then the transaction fees per year, denominated in dollars, would be $1800000, yielding the same "P/E" multiple, and justifying the valuation at 1/100 the current market cap.