Arithmetic on today's supply, not a forecast. It assumes nothing about whether Cronos could attract that much money.
A coin's market capitalisation is its price multiplied by the number of coins in circulation. Cronos has 48,873,552,452 CRO in circulation at $0.05946 each, which is $2.91B. Holding that supply still and putting PAX Gold's $1.89B in its place gives $0.03858872 per CRO.
Cronos is already worth more than PAX Gold. Moving to the smaller cap would take CRO down to $0.03858872, which is 0.649x 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 CRO at that level, which is the part that actually decides a price.
$0.03858872 per CRO. That is PAX Gold's current market capitalisation of $1.89B divided across the 48,873,552,452 CRO in circulation.
0.649x. Cronos trades at $0.05946 today and PAX Gold's market cap is $1.89B against Cronos's $2.91B.
No. It is one division: PAX Gold's market capitalisation spread over the supply of CRO that exists today. It assumes nothing about whether Cronos 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 48,873,552,452 CRO in circulation now.