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 World Liberty Financial's $1.63B in its place gives $3.6575 per AVAX.
Avalanche is already worth more than World Liberty Financial. Moving to the smaller cap would take AVAX down to $3.6575, which is 0.424x 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.
$3.6575 per AVAX. That is World Liberty Financial's current market capitalisation of $1.63B divided across the 446,598,878 AVAX in circulation.
0.424x. Avalanche trades at $8.6230 today and World Liberty Financial's market cap is $1.63B against Avalanche's $3.85B.
No. It is one division: World Liberty Financial'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 $1.63B of market cap spread over more coins gives a lower price per coin. This uses the 446,598,878 AVAX in circulation now.