DOGE, XRP ETFs, and gamble memecoin sentiment fuels bullish trade: Santiment social data

Growing optimism surrounds the potential approval of exchange-traded funds (ETFs) for Dogecoin (DOGE) and XRP, with social sentiment significantly improving for both cryptocurrencies, according to Santiment data released Thursday. Both have seen price increases exceeding 6% in the past two weeks.

Santiment reported a 10% market gain in the last eight days of April, attributing this to increased trader risk appetite, suggesting an early stage of a greed-driven market phase. This contrasts with earlier bearish social media sentiment towards altcoins. Currently, buzzwords like "altcoin," "altseason," and "bull cycle" dominate the conversation, reflecting a more speculative trader mindset. Historically, the most advantageous altcoin buying opportunities have arisen during periods of low public interest.

XRP Community Confident in ETF Approval

Santiment analysis reveals surging confidence among XRP holders, with the probability of ETF approval rising from 65% in February to 85% by late April, based on prediction markets like Polymarket. This optimism stems largely from perceived regulatory shifts, with the Trump administration's SEC considered more crypto-friendly. While the SEC delayed its decision on Franklin Templeton’s XRP spot ETF proposal until June 17, this did little to diminish bullish sentiment. Many investors believe ETF approval would attract substantial institutional investment.

Interestingly, while social media discussions surrounding XRP have decreased over the past three months, bullish sentiment within the community has intensified. One XRP investor on X stated, “By the time your financial adviser says it’s OK to buy #XRP $XRP, it’ll cost $100. When they say it’s a good idea, it’ll be $1000+.”

Dogecoin ETF Support and Institutional Interest

In April, ETF providers 21Shares and Bitwise submitted proposals for Dogecoin spot ETFs, followed by Nasdaq's filing with the SEC on April 9th to list the 21Shares Dogecoin ETF. The SEC has deferred its decision on these applications until mid-June. Dogecoin has re-entered the top 10 most traded cryptocurrencies by volume and market capitalization after a slow start to 2025. Santiment indicates DOGE's social dominance reached a three-month high by April's end, reversing a prolonged decline in public attention.

Mixed Signals in Crypto Markets

Despite the positive momentum for Dogecoin and XRP, overall crypto market sentiment remains mixed. Bitcoin's strong performance at the end of April surprised many, particularly those anticipating further declines. Santiment notes Ethereum (ETH) has shown some recovery, although its social buzz still lags behind meme coins and newer altcoins. Santiment stated, “In 2025, the new normal for ETH social dominance is about 6–7%. As for its bullish vs. bearish commentary across social media, it did bottom out, like many assets, at the beginning of the month. The commentary is actually now quite bullish once again.”

Further down the market cap rankings, Solana (SOL) remains a frequent discussion topic, with ongoing debates focusing on its price, market capitalization, trading volume, and technical indicators. Optimistic future performance forecasts and speculation about potential spot ETF approval contribute to sustained bullish sentiment.