Arithmetic on today's supply, not a forecast. It assumes nothing about whether Stellar could attract that much money.
A coin's market capitalisation is its price multiplied by the number of coins in circulation. Stellar has 34,956,700,398 XLM in circulation at $0.1802 each, which is $6.3B. Holding that supply still and putting Sky's $1.48B in its place gives $0.0422543 per XLM.
Stellar is already worth more than Sky. Moving to the smaller cap would take XLM down to $0.0422543, which is 0.234x 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 XLM at that level, which is the part that actually decides a price.
$0.0422543 per XLM. That is Sky's current market capitalisation of $1.48B divided across the 34,956,700,398 XLM in circulation.
0.234x. Stellar trades at $0.1802 today and Sky's market cap is $1.48B against Stellar's $6.3B.
No. It is one division: Sky's market capitalisation spread over the supply of XLM that exists today. It assumes nothing about whether Stellar 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 $1.48B of market cap spread over more coins gives a lower price per coin. This uses the 34,956,700,398 XLM in circulation now.