Arithmetic on today's supply, not a forecast. It assumes nothing about whether Gram (prev. Toncoin) could attract that much money.
A coin's market capitalisation is its price multiplied by the number of coins in circulation. Gram (prev. Toncoin) has 2,838,828,259 GRAM in circulation at $1.2130 each, which is $3.44B. Holding that supply still and putting Mantle's $1.65B in its place gives $0.58120583 per GRAM.
Gram (prev. Toncoin) is already worth more than Mantle. Moving to the smaller cap would take GRAM down to $0.58120583, which is 0.479x 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 GRAM at that level, which is the part that actually decides a price.
$0.58120583 per GRAM. That is Mantle's current market capitalisation of $1.65B divided across the 2,838,828,259 GRAM in circulation.
0.479x. Gram (prev. Toncoin) trades at $1.2130 today and Mantle's market cap is $1.65B against Gram (prev. Toncoin)'s $3.44B.
No. It is one division: Mantle's market capitalisation spread over the supply of GRAM that exists today. It assumes nothing about whether Gram (prev. Toncoin) 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 $1.65B of market cap spread over more coins gives a lower price per coin. This uses the 2,838,828,259 GRAM in circulation now.