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Puell Multiple, Total Issuance
The ratio of the USD value of all new issuance during the period to the 365-day moving average of the USD value of all new issuance.
- Computed as IssTotUSD/ma365(IssTotUSD)
- Created by David Puell
- Release Version: NDP-EOD 4.8 (Nov, 2020)
The Puell Multiple provides insight into market cycles from a mining revenue perspective. Because miners are sometimes considered compulsory sellers given their fixed costs (e.g., equipment, electricity), this metric provides insight into the supply side of a cryptoasset's economy. The idea being, that periods where the Puell Multiple is extremely low could be buying opportunities for investors, and periods where it is extremely high could indicate a profit-taking/selling opportunities.