Arithmetic on today's supply, not a forecast. It assumes nothing about whether Rain could attract that much money.
A coin's market capitalisation is its price multiplied by the number of coins in circulation. Rain has 709,750,884,694 RAIN in circulation at $0.006784 each, which is $4.81B. Holding that supply still and putting Mantle's $1.65B in its place gives $0.00232468 per RAIN.
Rain is already worth more than Mantle. Moving to the smaller cap would take RAIN down to $0.00232468, which is 0.343x 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 RAIN at that level, which is the part that actually decides a price.
$0.00232468 per RAIN. That is Mantle's current market capitalisation of $1.65B divided across the 709,750,884,694 RAIN in circulation.
0.343x. Rain trades at $0.006784 today and Mantle's market cap is $1.65B against Rain's $4.81B.
No. It is one division: Mantle's market capitalisation spread over the supply of RAIN that exists today. It assumes nothing about whether Rain 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 $1.65B of market cap spread over more coins gives a lower price per coin. This uses the 709,750,884,694 RAIN in circulation now.