Meme coin Dogecoin has defied the broader market downturn momentum and surged nearly 1% today. However, despite the large volume of 6.96 billion coins traded over the last 24 hours, the ongoing DOGE price surge less likely to be sustained ahead.

On the other hand, some of the recent market trends may hint that the meme coin may gain more exposure in the market due to soaring institutional interest.

Recently, 21Shares has filed for a DOGE ETF with the US SEC. The asset manager has revealed this significant step towards launching the investment instrument by filing the S-1 form with the US SEC on April 9.

This move makes 21Shares the third company, after Grayscale and Bitwise, to seek approval for a DOGE ETF. The next step involves filing the 19b-4 form, which will officially start the approval process.

The ETF will provide investors with a new way to gain exposure to Dogecoin, potentially increasing its mainstream acceptance and market accessibility. Besides, 21Shares has also planned to launch DOGE ETP in Europe through a partnership with the House of Doge.

However, despite these bullish developments, investors should exercise due diligence before entering the market in this volatile scenario. For context, a recent Dogecoin price prediction indicates that the crypto might hover near the $0.1499 mark through April.

Having said that, it appears that the crypto might hover near the flatline in the coming days unless any major catalyst boosts the market sentiment further.