Puell Multiple
Description
Overview
The Puell Multiple measures the ratio of daily coin issuance value (in USD) to its 365-day moving average. It helps identify periods when miners are earning significantly more or less than usual — high values may signal potential market tops, while low values may signal bottoms.
How This Data is Collected
Daily issuance is derived from the change in circulating supply between consecutive snapshots,
converted to USD using the price at the time. The Puell Multiple is then calculated as:
Puell Multiple = Daily Issuance (USD) / 365-day MA of Daily Issuance (USD)
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validation and maintenance. However, we cannot guarantee 100% accuracy. Data is subject to
inaccuracies and change.
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Kaspa Glossary | Kaspa Notes | Contact | 2026 © Kaspalytics