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 707,587,301,128 RAIN in circulation at $0.015566 each, which is $11.01B. Holding that supply still and putting Mantle's $1.84B in its place gives $0.00259452 per RAIN.
Rain is already worth more than Mantle. Moving to the smaller cap would take RAIN down to $0.00259452, which is 0.167x 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.
$0.00259452 per RAIN. That is Mantle's current market capitalisation of $1.84B divided across the 707,587,301,128 RAIN in circulation.
0.167x. Rain trades at $0.015566 today and Mantle's market cap is $1.84B against Rain's $11.01B.
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 $1.84B of market cap spread over more coins gives a lower price per coin. This uses the 707,587,301,128 RAIN in circulation now.