Arithmetic on today's supply, not a forecast. It assumes nothing about whether Ethena could attract that much money.
A coin's market capitalisation is its price multiplied by the number of coins in circulation. Ethena has 13,557,471,758 ENA in circulation at $0.1949 each, which is $2.64B. Holding that supply still and putting Ethereum's $282.25B in its place gives $20.8186 per ENA.
This is the huge end of the comparison. Ethena would need $279.61B more than it carries today, and at that size it would be one of the largest assets in the world, crypto or otherwise.
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 ENA at that level, which is the part that actually decides a price.
$20.8186 per ENA. That is Ethereum's current market capitalisation of $282.25B divided across the 13,557,471,758 ENA in circulation.
107x. Ethena trades at $0.1949 today and Ethereum's market cap is $282.25B against Ethena's $2.64B.
No. It is one division: Ethereum's market capitalisation spread over the supply of ENA that exists today. It assumes nothing about whether Ethena 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 $282.25B of market cap spread over more coins gives a lower price per coin. This uses the 13,557,471,758 ENA in circulation now.