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 4,880,998,068 ONDO in circulation at $0.3466 each, which is $1.69B. Holding that supply still and putting Internet Computer's $1.51B in its place gives $0.30942955 per ONDO.
Ondo is already worth more than Internet Computer. Moving to the smaller cap would take ONDO down to $0.30942955, which is 0.893x 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 ONDO at that level, which is the part that actually decides a price.
$0.30942955 per ONDO. That is Internet Computer's current market capitalisation of $1.51B divided across the 4,880,998,068 ONDO in circulation.
0.893x. Ondo trades at $0.3466 today and Internet Computer's market cap is $1.51B against Ondo's $1.69B.
No. It is one division: Internet Computer'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 $1.51B of market cap spread over more coins gives a lower price per coin. This uses the 4,880,998,068 ONDO in circulation now.