DOGE, XRP Sentiment Turns Bullish as Social Buzz Rebounds
Traders are increasingly optimistic about the approval prospects for Dogecoin (DOGE) and XRP exchange-traded funds (ETFs), with social sentiment shifting decisively in favor of the two tokens, according to data from Santiment released Thursday.
Social media trends are gaining traction as a valuable tool in trading strategies, often complementing technical indicators. A rise in positive chatter tends to coincide with bullish price action, while a negative tone can foreshadow declines.
XRP is drawing notably bullish sentiment online, despite an overall dip in social volume compared to other top cryptocurrencies. On prediction platform Polymarket, the odds of a spot XRP ETF being approved by year-end have surged to 85%, up from 65% two months ago.
The optimism comes even as the U.S. Securities and Exchange Commission (SEC) recently postponed decisions on both DOGE and XRP spot ETF applications, pushing the timeline to June 17. Still, technical indicators remain favorable, with accumulation trends suggesting strong investor confidence during the current consolidation phase.
Dogecoin, in particular, has seen a dramatic turnaround in social momentum since late April, when 21Shares and Bitwise filed applications for DOGE-based ETFs. After months of low visibility, DOGE’s social dominance has climbed to its highest level in three months, Santiment reported.
Support from key groups like the Dogecoin Foundation and the House of Doge for 21Shares’ filing has lent added legitimacy to the ETF push, helping Dogecoin move beyond its “memecoin” reputation.
“DOGE is increasingly being viewed as a viable investment asset, rather than just a meme,” Santiment said. “Whale accumulation and bullish chart patterns suggest that Dogecoin may be poised for a new phase of growth.”
Elsewhere, sentiment for tokens like Ethereum (ETH), Solana (SOL), and Binance Coin (BNB) remains mixed, even as Bitcoin rebounded above $97,000 in early Friday trading.
