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 Solana's $58.98B in its place gives $4.3507 per ENA.
Ethena would have to take on $56.34B of new money to get there. A 22.3x 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 ENA at that level, which is the part that actually decides a price.
$4.3507 per ENA. That is Solana's current market capitalisation of $58.98B divided across the 13,557,471,758 ENA in circulation.
22.3x. Ethena trades at $0.1949 today and Solana's market cap is $58.98B against Ethena's $2.64B.
No. It is one division: Solana'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 $58.98B of market cap spread over more coins gives a lower price per coin. This uses the 13,557,471,758 ENA in circulation now.