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 172,602,113,418 DOGE in circulation at $0.07782 each, which is $13.43B. Holding that supply still and putting NEAR Protocol's $5.86B in its place gives $0.03392997 per DOGE.
Dogecoin is already worth more than NEAR Protocol. Moving to the smaller cap would take DOGE down to $0.03392997, which is 0.436x 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 DOGE at that level, which is the part that actually decides a price.
$0.03392997 per DOGE. That is NEAR Protocol's current market capitalisation of $5.86B divided across the 172,602,113,418 DOGE in circulation.
0.436x. Dogecoin trades at $0.07782 today and NEAR Protocol's market cap is $5.86B against Dogecoin's $13.43B.
No. It is one division: NEAR Protocol'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 $5.86B of market cap spread over more coins gives a lower price per coin. This uses the 172,602,113,418 DOGE in circulation now.