Arithmetic on today's supply, not a forecast. It assumes nothing about whether Pump.fun could attract that much money.
A coin's market capitalisation is its price multiplied by the number of coins in circulation. Pump.fun has 412,578,004,234 PUMP in circulation at $0.003765 each, which is $1.55B. Holding that supply still and putting Internet Computer's $1.5B in its place gives $0.0036452 per PUMP.
Pump.fun is already worth more than Internet Computer. Moving to the smaller cap would take PUMP down to $0.0036452, which is 0.968x 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 PUMP at that level, which is the part that actually decides a price.
$0.0036452 per PUMP. That is Internet Computer's current market capitalisation of $1.5B divided across the 412,578,004,234 PUMP in circulation.
0.968x. Pump.fun trades at $0.003765 today and Internet Computer's market cap is $1.5B against Pump.fun's $1.55B.
No. It is one division: Internet Computer's market capitalisation spread over the supply of PUMP that exists today. It assumes nothing about whether Pump.fun 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 $1.5B of market cap spread over more coins gives a lower price per coin. This uses the 412,578,004,234 PUMP in circulation now.