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 TRON's $32.23B in its place gives $9.7649 per MNT.
Mantle would have to take on $30.4B of new money to get there. A 17.6x move is large: it happens, and it usually needs the whole market to grow instead of one coin to take share from another.
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.
$9.7649 per MNT. That is TRON's current market capitalisation of $32.23B divided across the 3,300,442,828 MNT in circulation.
17.6x. Mantle trades at $0.5542 today and TRON's market cap is $32.23B against Mantle's $1.83B.
No. It is one division: TRON'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 $32.23B of market cap spread over more coins gives a lower price per coin. This uses the 3,300,442,828 MNT in circulation now.