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 443,468,360 AVAX in circulation at $7.3820 each, which is $3.27B. Holding that supply still and putting PAX Gold's $1.89B in its place gives $4.2519 per AVAX.
Avalanche is already worth more than PAX Gold. Moving to the smaller cap would take AVAX down to $4.2519, which is 0.576x 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.
$4.2519 per AVAX. That is PAX Gold's current market capitalisation of $1.89B divided across the 443,468,360 AVAX in circulation.
0.576x. Avalanche trades at $7.3820 today and PAX Gold's market cap is $1.89B against Avalanche's $3.27B.
No. It is one division: PAX Gold'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 $1.89B of market cap spread over more coins gives a lower price per coin. This uses the 443,468,360 AVAX in circulation now.