Dogecoin, XRP Ride Wave of ETF Optimism as Social Metrics Turn Bullish

Momentum is building around Dogecoin (DOGE) and XRP, as fresh optimism over spot ETF approvals drives a resurgence in bullish sentiment, according to the latest insights from Santiment. Both assets have seen a notable uptick in social media engagement, signaling a renewed appetite among investors.

Traders are increasingly incorporating social sentiment analysis into their strategies, as shifts in crowd psychology often precede significant price moves. In the case of XRP, despite a relative decline in total discussion volume, the tone remains distinctly positive. Polymarket data shows perceived odds of an XRP spot ETF approval by year-end now stand at 85%, up from 65% in December.

The sentiment shift comes in spite of regulatory delays. The SEC recently extended its review period on both DOGE and XRP ETF applications, with decisions postponed until June 17. However, accumulation signals on the charts suggest many market participants are viewing this delay as a buying opportunity.

Dogecoin’s social presence has undergone a rapid reversal. After a months-long slump, attention spiked following April’s ETF filings by 21Shares and Bitwise. Santiment notes that DOGE’s social dominance has now reached its highest level since early November, driven by growing institutional interest and vocal support from groups like the Dogecoin Foundation.

“DOGE is beginning to shed its meme label,” Santiment stated. “Institutional backing and whale accumulation are pointing to a potential breakout narrative.”

Meanwhile, sentiment for other leading tokens such as Ethereum (ETH), Solana (SOL), and BNB remains mixed. Bitcoin, by contrast, has reclaimed momentum, trading above $97,000 as of early Friday.