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 Quant's $2.32B in its place gives $1.7603 per NEAR.
NEAR Protocol is already worth more than Quant. Moving to the smaller cap would take NEAR down to $1.7603, which is 0.397x 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.
$1.7603 per NEAR. That is Quant's current market capitalisation of $2.32B divided across the 1,320,790,487 NEAR in circulation.
0.397x. NEAR Protocol trades at $4.4340 today and Quant's market cap is $2.32B against NEAR Protocol's $5.86B.
No. It is one division: Quant'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 $2.32B of market cap spread over more coins gives a lower price per coin. This uses the 1,320,790,487 NEAR in circulation now.