Arithmetic on today's supply, not a forecast. It assumes nothing about whether Avalanche could attract that much money.
A coin's market capitalisation is its price multiplied by the number of coins in circulation. Avalanche has 440,540,219 AVAX in circulation at $7.4350 each, which is $3.28B. Holding that supply still and putting Aave's $1.96B in its place gives $4.4551 per AVAX.
Avalanche is already worth more than Aave. Moving to the smaller cap would take AVAX down to $4.4551, which is 0.599x 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 AVAX at that level, which is the part that actually decides a price.
$4.4551 per AVAX. That is Aave's current market capitalisation of $1.96B divided across the 440,540,219 AVAX in circulation.
0.599x. Avalanche trades at $7.4350 today and Aave's market cap is $1.96B against Avalanche's $3.28B.
No. It is one division: Aave's market capitalisation spread over the supply of AVAX that exists today. It assumes nothing about whether Avalanche 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 $1.96B of market cap spread over more coins gives a lower price per coin. This uses the 440,540,219 AVAX in circulation now.