Arithmetic on today's supply, not a forecast. It assumes nothing about whether Dogecoin could attract that much money.
A coin's market capitalisation is its price multiplied by the number of coins in circulation. Dogecoin has 156,890,316,357 DOGE in circulation at $0.07781 each, which is $12.21B. Holding that supply still and putting Ethereum's $282.7B in its place gives $1.8019 per DOGE.
Dogecoin would have to take on $270.49B of new money to get there. A 23.2x move is large: it happens, and it usually needs the whole market to grow instead of one coin to take share from another.
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 DOGE at that level, which is the part that actually decides a price.
$1.8019 per DOGE. That is Ethereum's current market capitalisation of $282.7B divided across the 156,890,316,357 DOGE in circulation.
23.2x. Dogecoin trades at $0.07781 today and Ethereum's market cap is $282.7B against Dogecoin's $12.21B.
No. It is one division: Ethereum's market capitalisation spread over the supply of DOGE that exists today. It assumes nothing about whether Dogecoin 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 $282.7B of market cap spread over more coins gives a lower price per coin. This uses the 156,890,316,357 DOGE in circulation now.