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 Pump.fun's $1.55B in its place gives $0.31942803 per ONDO.
Ondo is already worth more than Pump.fun. Moving to the smaller cap would take ONDO down to $0.31942803, which is 0.923x 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.
$0.31942803 per ONDO. That is Pump.fun's current market capitalisation of $1.55B divided across the 4,862,930,093 ONDO in circulation.
0.923x. Ondo trades at $0.3462 today and Pump.fun's market cap is $1.55B against Ondo's $1.68B.
No. It is one division: Pump.fun'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 $1.55B of market cap spread over more coins gives a lower price per coin. This uses the 4,862,930,093 ONDO in circulation now.