Puell Multiple

The Puell Multiple is calculated by dividing the daily token issuance value (in USD) by its 365-day moving average.

The daily issuance refers to the new coins miners add to the ecosystem as block rewards. Miners typically sell these coins in the market to cover their mining costs.

When the Puell Multiple is in the safe zone (0.3–0.5), the market is undervalued, presenting a potential buying opportunity. In the 0.5–3.5 range, the market is steadily rising.If the Puell Multiple exceeds 3.5, the market may be overvalued, increasing the risk of a correction—caution is advised to avoid buying at inflated prices.