Arithmetic on today's supply, not a forecast. It assumes nothing about whether Canton could attract that much money.
A coin's market capitalisation is its price multiplied by the number of coins in circulation. Canton has 39,887,396,160 CC in circulation at $0.09675 each, which is $3.86B. Holding that supply still and putting Mantle's $1.65B in its place gives $0.04136503 per CC.
Canton is already worth more than Mantle. Moving to the smaller cap would take CC down to $0.04136503, which is 0.428x 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 CC at that level, which is the part that actually decides a price.
$0.04136503 per CC. That is Mantle's current market capitalisation of $1.65B divided across the 39,887,396,160 CC in circulation.
0.428x. Canton trades at $0.09675 today and Mantle's market cap is $1.65B against Canton's $3.86B.
No. It is one division: Mantle's market capitalisation spread over the supply of CC that exists today. It assumes nothing about whether Canton 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 $1.65B of market cap spread over more coins gives a lower price per coin. This uses the 39,887,396,160 CC in circulation now.