Arithmetic on today's supply, not a forecast. It assumes nothing about whether Mantle could attract that much money.
A coin's market capitalisation is its price multiplied by the number of coins in circulation. Mantle has 3,302,529,089 MNT in circulation at $0.4996 each, which is $1.65B. Holding that supply still and putting Bitway's $5.11B in its place gives $1.5480 per MNT.
A 3.10x move is modest, and a coin this far down the table reaching the one above it is the ordinary shape of a cycle, not an outlier.
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 MNT at that level, which is the part that actually decides a price.
$1.5480 per MNT. That is Bitway's current market capitalisation of $5.11B divided across the 3,302,529,089 MNT in circulation.
3.10x. Mantle trades at $0.4996 today and Bitway's market cap is $5.11B against Mantle's $1.65B.
No. It is one division: Bitway's market capitalisation spread over the supply of MNT that exists today. It assumes nothing about whether Mantle 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 $5.11B of market cap spread over more coins gives a lower price per coin. This uses the 3,302,529,089 MNT in circulation now.