Arithmetic on today's supply, not a forecast. It assumes nothing about whether Polkadot could attract that much money.
A coin's market capitalisation is its price multiplied by the number of coins in circulation. Polkadot has 1,700,506,167 DOT in circulation at $1.0190 each, which is $1.73B. Holding that supply still and putting Sky's $1.47B in its place gives $0.86332002 per DOT.
Polkadot is already worth more than Sky. Moving to the smaller cap would take DOT down to $0.86332002, which is 0.847x 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 DOT at that level, which is the part that actually decides a price.
$0.86332002 per DOT. That is Sky's current market capitalisation of $1.47B divided across the 1,700,506,167 DOT in circulation.
0.847x. Polkadot trades at $1.0190 today and Sky's market cap is $1.47B against Polkadot's $1.73B.
No. It is one division: Sky's market capitalisation spread over the supply of DOT that exists today. It assumes nothing about whether Polkadot 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 $1.47B of market cap spread over more coins gives a lower price per coin. This uses the 1,700,506,167 DOT in circulation now.