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 156,074,986,890 DOGE in circulation at $0.08433 each, which is $13.16B. Holding that supply still and putting PAX Gold's $1.89B in its place gives $0.01208118 per DOGE.
Dogecoin is already worth more than PAX Gold. Moving to the smaller cap would take DOGE down to $0.01208118, which is 0.143x 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.
$0.01208118 per DOGE. That is PAX Gold's current market capitalisation of $1.89B divided across the 156,074,986,890 DOGE in circulation.
0.143x. Dogecoin trades at $0.08433 today and PAX Gold's market cap is $1.89B against Dogecoin's $13.16B.
No. It is one division: PAX Gold'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 $1.89B of market cap spread over more coins gives a lower price per coin. This uses the 156,074,986,890 DOGE in circulation now.