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Raydium currently trades at $2.31 with a market cap of $622.78M. Ethereum's market cap is $299.07B — 480× larger. Here's what that gap means per token:
The implied price is current price × (target market cap ÷ current market cap), holding circulating supply constant. It answers "what if Raydium were valued like Ethereum" — it does not predict price, and it says nothing about the capital inflow required to get there. For that, PumpMath's volume calculator walks the actual AMM liquidity curve (x·y=k) of Raydium's deepest pool.
At Ethereum's current market cap of $299.07B, the implied price of Raydium is $1109.30 per RAY — 480× its current price of $2.31.
Implied price = current price × (target market cap ÷ current market cap). Raydium's market cap is $622.78M and Ethereum's is $299.07B, so the multiplier is 480×. The calculation assumes circulating supply stays constant.
Market cap comparisons show relative scale, not likelihood. Reaching a larger market cap requires sustained net capital inflow; the buy volume needed depends on liquidity, which you can estimate with PumpMath's volume calculator.