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 Tether Gold's $2.67B in its place gives $2.9414 per LEO.
UNUS SED LEO is already worth more than Tether Gold. Moving to the smaller cap would take LEO down to $2.9414, which is 0.320x 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.
$2.9414 per LEO. That is Tether Gold's current market capitalisation of $2.67B divided across the 906,306,498 LEO in circulation.
0.320x. UNUS SED LEO trades at $9.1920 today and Tether Gold's market cap is $2.67B against UNUS SED LEO's $8.33B.
No. It is one division: Tether Gold'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 $2.67B of market cap spread over more coins gives a lower price per coin. This uses the 906,306,498 LEO in circulation now.