Arithmetic on today's supply, not a forecast. It assumes nothing about whether UNUS SED LEO could attract that much money.
A coin's market capitalisation is its price multiplied by the number of coins in circulation. UNUS SED LEO has 906,306,498 LEO in circulation at $9.1920 each, which is $8.33B. Holding that supply still and putting Internet Computer's $1.51B in its place gives $1.6665 per LEO.
UNUS SED LEO is already worth more than Internet Computer. Moving to the smaller cap would take LEO down to $1.6665, which is 0.181x 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 LEO at that level, which is the part that actually decides a price.
$1.6665 per LEO. That is Internet Computer's current market capitalisation of $1.51B divided across the 906,306,498 LEO in circulation.
0.181x. UNUS SED LEO trades at $9.1920 today and Internet Computer's market cap is $1.51B against UNUS SED LEO's $8.33B.
No. It is one division: Internet Computer's market capitalisation spread over the supply of LEO that exists today. It assumes nothing about whether UNUS SED LEO 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 $1.51B of market cap spread over more coins gives a lower price per coin. This uses the 906,306,498 LEO in circulation now.