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 4,871,075,094 ONDO in circulation at $0.4058 each, which is $1.98B. Holding that supply still and putting Uniswap's $4.37B in its place gives $0.89806219 per ONDO.
A 2.21x 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.
$0.89806219 per ONDO. That is Uniswap's current market capitalisation of $4.37B divided across the 4,871,075,094 ONDO in circulation.
2.21x. Ondo trades at $0.4058 today and Uniswap's market cap is $4.37B against Ondo's $1.98B.
No. It is one division: Uniswap'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 $4.37B of market cap spread over more coins gives a lower price per coin. This uses the 4,871,075,094 ONDO in circulation now.