Arithmetic on today's supply, not a forecast. It assumes nothing about whether Uniswap could attract that much money.
A coin's market capitalisation is its price multiplied by the number of coins in circulation. Uniswap has 627,712,495 UNI in circulation at $6.9690 each, which is $4.37B. Holding that supply still and putting Pepe's $2.07B in its place gives $3.2949 per UNI.
Uniswap is already worth more than Pepe. Moving to the smaller cap would take UNI down to $3.2949, which is 0.473x 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 UNI at that level, which is the part that actually decides a price.
$3.2949 per UNI. That is Pepe's current market capitalisation of $2.07B divided across the 627,712,495 UNI in circulation.
0.473x. Uniswap trades at $6.9690 today and Pepe's market cap is $2.07B against Uniswap's $4.37B.
No. It is one division: Pepe's market capitalisation spread over the supply of UNI that exists today. It assumes nothing about whether Uniswap 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 $2.07B of market cap spread over more coins gives a lower price per coin. This uses the 627,712,495 UNI in circulation now.