Arithmetic on today's supply, not a forecast. It assumes nothing about whether Sui could attract that much money.
A coin's market capitalisation is its price multiplied by the number of coins in circulation. Sui has 4,094,585,913 SUI in circulation at $0.7192 each, which is $2.94B. Holding that supply still and putting PAX Gold's $1.89B in its place gives $0.46050325 per SUI.
Sui is already worth more than PAX Gold. Moving to the smaller cap would take SUI down to $0.46050325, which is 0.640x 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 SUI at that level, which is the part that actually decides a price.
$0.46050325 per SUI. That is PAX Gold's current market capitalisation of $1.89B divided across the 4,094,585,913 SUI in circulation.
0.640x. Sui trades at $0.7192 today and PAX Gold's market cap is $1.89B against Sui's $2.94B.
No. It is one division: PAX Gold's market capitalisation spread over the supply of SUI that exists today. It assumes nothing about whether Sui 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 $1.89B of market cap spread over more coins gives a lower price per coin. This uses the 4,094,585,913 SUI in circulation now.