DOGE Correction: Prices Pull Back After Three-Month High

Despite its recent rally to a three-month high of $0.100 in August, Dogecoin (DOGE) has been experiencing a pullback, with prices currently at $0.086, down nearly 14% from its peak.

The meme coin's monthly returns are still impressive, however, with an increase of 25% through Friday in August, according to CryptoRank data.

This could be a healthy correction for Dogecoin as traders book profits following months of persistent bearish conditions. However, emerging supply caps the immediate upside at $0.087, raising the odds of an extended correction.

Dogecoin faces headwinds in the derivatives market, with perpetual futures Open Interest (OI) falling to 15.7 billion DOGE on Friday, down from nearly 16 billion DOGE the previous day and 17.3 billion DOGE on August 22.