Arithmetic on today's supply, not a forecast. It assumes nothing about whether Ondo could attract that much money.
A coin's market capitalisation is its price multiplied by the number of coins in circulation. Ondo has 4,862,930,093 ONDO in circulation at $0.3462 each, which is $1.68B. Holding that supply still and putting Canton's $3.88B in its place gives $0.79698418 per ONDO.
A 2.30x move is modest, and a coin this far down the table reaching the one above it is the ordinary shape of a cycle, not an outlier.
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 ONDO at that level, which is the part that actually decides a price.
$0.79698418 per ONDO. That is Canton's current market capitalisation of $3.88B divided across the 4,862,930,093 ONDO in circulation.
2.30x. Ondo trades at $0.3462 today and Canton's market cap is $3.88B against Ondo's $1.68B.
No. It is one division: Canton's market capitalisation spread over the supply of ONDO that exists today. It assumes nothing about whether Ondo 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 $3.88B of market cap spread over more coins gives a lower price per coin. This uses the 4,862,930,093 ONDO in circulation now.