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

The optimism around approvals of exchange-traded funds (ETFs) for Dogecoin (DOGE) and XRP has witnessed an uptick, with crowd sentiment increasingly turning positive for both tokens, according to social data from Santiment released Thursday. In the last two weeks, both cryptos have recorded a price increase of more than 6%.

According to market intelligence firm Santiment, the market posted a 10% gain in the final eight days of April. The analytics firm explained that traders’ risk appetite signals the early stages of what may be a greed-driven phase, which had earlier prompted investors on social media to talk about altcoins in bearish tones.

The firm noted that crowd interest is now heavily centered around buzzwords like “altcoin,” “altseason,” and “bull cycle,” with traders displaying a “gamble” mindset. Historically, the most favorable altcoin buying opportunities have occurred during periods of low public attention

XRP community confident of ETF approval

Santiment analysis shows confidence among XRP holders has surged, with approval odds climbing from 65% in February to 85% by late April, according to prediction markets like Polymarket

Much of this optimism is tied to changes in the regulatory environment, as the US Securities and Exchange Commission (SEC) under the Trump administration is viewed as more “friendly” towards crypto.

Although the SEC delayed its decision on Franklin Templeton’s XRP spot ETF proposal to June 17, the announcement did little to dampen bullish sentiment. Many investors are confident that the eventual approval of such ETFs could open doors for larger institutional inflows.

XRP’s ratio of bullish-vs.-bearish commentary (gold), and its social dominance relative to other assets (purple). Source: Santiment.

Interestingly, social media discussions surrounding XRP have been declining over the past three months, but bullish voices within the community have become more pronounced

“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+,” said one XRP investor on X.

Dogecoin ETF backing and institutional attention

In April, ETF providers 21Shares and Bitwise submitted formal proposals to launch Dogecoin spot ETFs. Nasdaq followed suit and filed paperwork with the SEC on April 9 to list the 21Shares Dogecoin ETF. The SEC has postponed its decision on these applications until mid-June

Dogecoin has returned to the list of top 10 most traded cryptocurrencies by volume and market capitalization after a slow start in the first two months of 2025. According to Santiment, social dominance for DOGE hit a three-month high by the end of April, reversing a prolonged decline in public attention

Dogecoin’s ratio of bullish-vs.-bearish commentary (gold), and its social dominance relative to other assets (purple). Source: Santiment

Mixed signals in the crypto markets

Despite the upbeat momentum for coins like Dogecoin and XRP, overall sentiment across the crypto space remains uneven. Bitcoin’s strong performance at the end of April surprised many traders, especially those who had predicted further downside

Santiment noted that Ethereum (ETH) has seen some recovery in its standing, though it still lags in terms of social buzz compared to meme coins and newer altcoins

“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,” it explained.

Moving lower in the crypto market cap ranking list, Solana (SOL) is a frequent topic of discussion among traders, with ongoing debates centered around its price action, market capitalization, trading volume, and technical indicators

Optimistic forecasts for Solana’s future performance and speculation about a potential spot ETF approval have contributed to a sustained bullish sentiment.

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