Optimism regarding approval odds has increased as social buzz around the two majors rebounds.
Optimism for exchange-traded funds (ETFs) based on Dogecoin (DOGE) and XRP is rising sharply, with crowd sentiment shifting in favor of both tokens, according to social data from Santiment in a Thursday update.
Social commentary monitoring can be used in conjunction with technical tools in a trading strategy, as positive discussions tend to drive price increases, while negative discussions may encourage bearish trades.
Online discussions surrounding XRP are skewed toward a bullish outlook, with few bearish perspectives, despite a general decline in social discussions for XRP compared to other major cryptocurrencies. The perceived probability of a spot XRP ETF approval by the end of 2025 has increased to 85%, up from 65% two months ago, according to Polymarket.
Confidence has been boosted despite the SEC’s recent decision to delay rulings on spot DOGE and XRP ETF proposals until June 17. Technical analysis continues to show a bullish outlook, indicating strong accumulation patterns during the current market lull.
A dramatic shift in the online tone for Dogecoin has been observed following the April filings by 21Shares and Bitwise for DOGE spot ETFs. Until late April, DOGE experienced a prolonged lull in social attention, but its social dominance has since surged to a three-month high, according to Santiment.
The support for 21Shares’ application from the House of Doge and the Dogecoin Foundation has contributed additional credibility to the effort, allowing DOGE to shed some of its “memecoin” stigma.
DOGE, once primarily regarded as a meme or joke coin, is now seen as a more serious investment option with potential for broader adoption, according to Santiment.
Heavy accumulation by whales has been noticed by analysts and traders, with bullish patterns forming on the charts, which has contributed to the belief that Dogecoin may be entering a new growth phase, it was added.
Meanwhile, mixed social signals have been shown by tokens like ether (ETH), Solana’s SOL, and BNB, even as a recovery above $97,000 was staged by bitcoin early Friday.
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