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 446,598,878 AVAX in circulation at $8.6230 each, which is $3.85B. Holding that supply still and putting Sky's $1.5B in its place gives $3.3611 per AVAX.
Avalanche is already worth more than Sky. Moving to the smaller cap would take AVAX down to $3.3611, which is 0.390x 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.
$3.3611 per AVAX. That is Sky's current market capitalisation of $1.5B divided across the 446,598,878 AVAX in circulation.
0.390x. Avalanche trades at $8.6230 today and Sky's market cap is $1.5B against Avalanche's $3.85B.
No. It is one division: Sky'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 $1.5B of market cap spread over more coins gives a lower price per coin. This uses the 446,598,878 AVAX in circulation now.