Arithmetic on today's supply, not a forecast. It assumes nothing about whether NEAR Protocol could attract that much money.
A coin's market capitalisation is its price multiplied by the number of coins in circulation. NEAR Protocol has 1,320,790,487 NEAR in circulation at $4.4340 each, which is $5.86B. Holding that supply still and putting Mantle's $1.65B in its place gives $1.2492 per NEAR.
NEAR Protocol is already worth more than Mantle. Moving to the smaller cap would take NEAR down to $1.2492, which is 0.282x 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 NEAR at that level, which is the part that actually decides a price.
$1.2492 per NEAR. That is Mantle's current market capitalisation of $1.65B divided across the 1,320,790,487 NEAR in circulation.
0.282x. NEAR Protocol trades at $4.4340 today and Mantle's market cap is $1.65B against NEAR Protocol's $5.86B.
No. It is one division: Mantle's market capitalisation spread over the supply of NEAR that exists today. It assumes nothing about whether NEAR Protocol 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 $1.65B of market cap spread over more coins gives a lower price per coin. This uses the 1,320,790,487 NEAR in circulation now.