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 620,161,039 UNI in circulation at $6.3800 each, which is $3.96B. Holding that supply still and putting Pump.fun's $1.58B in its place gives $2.5411 per UNI.
Uniswap is already worth more than Pump.fun. Moving to the smaller cap would take UNI down to $2.5411, which is 0.398x 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.
$2.5411 per UNI. That is Pump.fun's current market capitalisation of $1.58B divided across the 620,161,039 UNI in circulation.
0.398x. Uniswap trades at $6.3800 today and Pump.fun's market cap is $1.58B against Uniswap's $3.96B.
No. It is one division: Pump.fun'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 $1.58B of market cap spread over more coins gives a lower price per coin. This uses the 620,161,039 UNI in circulation now.