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 3,271,745,904 MNT in circulation at $0.5597 each, which is $1.83B. Holding that supply still and putting World Liberty Financial's $1.82B in its place gives $0.55565421 per MNT.
Mantle is already worth more than World Liberty Financial. Moving to the smaller cap would take MNT down to $0.55565421, which is 0.993x 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.
$0.55565421 per MNT. That is World Liberty Financial's current market capitalisation of $1.82B divided across the 3,271,745,904 MNT in circulation.
0.993x. Mantle trades at $0.5597 today and World Liberty Financial's market cap is $1.82B against Mantle's $1.83B.
No. It is one division: World Liberty Financial'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 $1.82B of market cap spread over more coins gives a lower price per coin. This uses the 3,271,745,904 MNT in circulation now.