Dogecoin, XRP ETF Hopes Are Fuelling Bullish Sentiment, Social Data Shows

Sentiment surrounding Dogecoin (DOGE) and XRP exchange-traded funds (ETFs) is surging, with social media sentiment strongly favoring both cryptocurrencies, according to Thursday's update from Santiment.

Social media analysis, when used in conjunction with technical indicators, can provide valuable insights for trading strategies. Positive sentiment often correlates with price increases, while negative sentiment can precede price drops.

Online discussions about XRP are overwhelmingly bullish, despite a recent decrease in overall social volume compared to other major cryptocurrencies. Polymarket now estimates an 85% probability of spot XRP ETF approval by the end of 2025, up from 65% just two months ago.

This increased confidence comes despite the SEC's recent decision to postpone rulings on spot DOGE and XRP ETF proposals until June 17. However, technical analysis remains bullish, indicating strong accumulation during the current market lull.

Dogecoin's online sentiment has dramatically shifted following April's filings by 21Shares and Bitwise for DOGE spot ETFs. After a prolonged period of low social engagement, Dogecoin's social dominance has reached a three-month high, Santiment reports.

The support of the House of Doge and the Dogecoin Foundation for 21Shares' application has lent significant credibility to the initiative, helping to diminish Dogecoin's "memecoin" image.

Santiment observes that, "After being primarily perceived as a meme or joke coin, DOGE is now viewed as a more serious investment option with potential for wider adoption." The firm adds, "Analysts and traders have noted significant accumulation by large holders, with bullish chart patterns forming, suggesting Dogecoin may be entering a new growth phase."

In contrast, social sentiment surrounding tokens like Ether (ETH), Solana (SOL), and BNB remains mixed, even as Bitcoin reclaimed the $29,000 level early Friday.