Arithmetic on today's supply, not a forecast. It assumes nothing about whether Hedera could attract that much money.
A coin's market capitalisation is its price multiplied by the number of coins in circulation. Hedera has 43,711,736,138 HBAR in circulation at $0.0756 each, which is $3.3B. Holding that supply still and putting PAX Gold's $1.89B in its place gives $0.04313647 per HBAR.
Hedera is already worth more than PAX Gold. Moving to the smaller cap would take HBAR down to $0.04313647, which is 0.571x 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 HBAR at that level, which is the part that actually decides a price.
$0.04313647 per HBAR. That is PAX Gold's current market capitalisation of $1.89B divided across the 43,711,736,138 HBAR in circulation.
0.571x. Hedera trades at $0.0756 today and PAX Gold's market cap is $1.89B against Hedera's $3.3B.
No. It is one division: PAX Gold's market capitalisation spread over the supply of HBAR that exists today. It assumes nothing about whether Hedera 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 43,711,736,138 HBAR in circulation now.