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 3,300,442,828 MNT in circulation at $0.5542 each, which is $1.83B. Holding that supply still and putting Pump.fun's $1.58B in its place gives $0.47747306 per MNT.
Mantle is already worth more than Pump.fun. Moving to the smaller cap would take MNT down to $0.47747306, which is 0.862x 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 MNT at that level, which is the part that actually decides a price.
$0.47747306 per MNT. That is Pump.fun's current market capitalisation of $1.58B divided across the 3,300,442,828 MNT in circulation.
0.862x. Mantle trades at $0.5542 today and Pump.fun's market cap is $1.58B against Mantle's $1.83B.
No. It is one division: Pump.fun'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 $1.58B of market cap spread over more coins gives a lower price per coin. This uses the 3,300,442,828 MNT in circulation now.