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 1,305,918,012 NEAR in circulation at $2.3010 each, which is $3B. Holding that supply still and putting World Liberty Financial's $1.83B in its place gives $1.3988 per NEAR.
NEAR Protocol is already worth more than World Liberty Financial. Moving to the smaller cap would take NEAR down to $1.3988, which is 0.608x 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.
$1.3988 per NEAR. That is World Liberty Financial's current market capitalisation of $1.83B divided across the 1,305,918,012 NEAR in circulation.
0.608x. NEAR Protocol trades at $2.3010 today and World Liberty Financial's market cap is $1.83B against NEAR Protocol's $3B.
No. It is one division: World Liberty Financial'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 $1.83B of market cap spread over more coins gives a lower price per coin. This uses the 1,305,918,012 NEAR in circulation now.