With nearly 20,000 different cryptocurrencies out there, it makes sense that building a strong crypto brand would be one way to stand out from the crowd and build an ecosystem that is loyal to developers, users, and investors.
So it was interesting to see, for the first time ever, a study of how the world’s best cryptocurrencies stack up as brands. The Brand Intimacy Study 2022, from commercial relations agency MBLM, analyzed how hundreds of well-known brands are forging romantic relationships with their customers and fans on a global basis.
When it comes to coding, the results may shock you. if you think Bitcoin or Ethereum They were the best cryptocurrency brands, you are wrong. You will also be wrong if you choose a new program Solana. Instead, the best crypto brand in the world is Cardano. The report looked at more than 600 brands in nearly 20 different industries. Cardano is ranked #1 in the crypto industry and #26 overall.
What makes Cardano a great brand?
With Cardano rated as the best crypto brand, MBLM has included its own industry feature in the report to showcase what makes this cipher so special. The MBLM used artificial intelligence (AI) and big data tools to comb through all the comments people made about Cardano online and decided that the two key words at the heart of the Cardano brand were “future” and “value.” The fire emoji was also a popular way to show love for Cardano.
According to the report, people believe that Cardano’s future is “exciting” given all the innovations happening on the blockchain, including the ability to participate on Cardano and the ability to participate in new decentralized finance (DeFi) platforms. And people didn’t seem too bothered by the fact that the pace of development in Cardano seemed to be taking longer than many would like. In fact, one typical comment was, “Cardano moves well.”
The link between brand ranking and market performance
If you are a Cardano investor, this should be exciting news. This means that the approach devised by Cardano co-founder Charles Hoskinson – a slow, methodical approach to software development that minimizes bugs and bugs – is gaining traction with crypto developers. They trust the Cardano brand and are ready to build on top of the blockchain platform. We’ve already seen a decentralization boom in the wake of Cardano’s 2021 tech upgrade, and we could see something similar in the wake of this year’s upgrade (known as the Vasil Hard Fork).
And another reason to be excited: There appears to be a direct relationship between brand strength and market performance. Since this is the first year that cryptography has appeared in the study, there is no historical evidence from the crypto world. But there is plenty of evidence from the global stock market, with MBLM saying that the world’s best brands also tend to outperform major stock market indices. This makes sense, especially considering the brands topping this year’s list: DisneyAnd the TeslaAnd the appleAnd the Sony.
Going forward, Cardano will face a lot of competition from other first-tier blockchains, including the likes of Ethereum and Solana. Whichever blockchain is the long-term winner, it can be a direct function of brand loyalty. In short, brand loyalty turns into a source of huge competitive advantage in the crypto world. One example of this is the brand-centric approach used by Solana, which is trying to become Apple in the crypto world. But Solana ranked behind Cardano and Bitcoin in the Brand Report, which analyzed 21 different cryptocurrencies.
Is Cardano a long-term purchase?
So, if you are on the fence about investing in Cardano, just know that while Cardano may not have the instant name of Bitcoin, it has become a remarkably strong crypto brand. While one of the keywords used to describe Bitcoin in the report was “rising,” Cardano’s keywords were “future” and “value.” This makes Cardano a long-term buy and hold. It’s a cryptocurrency that you know will eventually be around when there are tens of thousands of “get rich quick” cryptocurrencies in the dustbin of history.
Dominic Bassolto He has positions in Bitcoin, Cardano, and Ethereum. Motley Fool has positions in and recommends Bitcoin, Ethereum, and Solana. Motley Fool has a disclosure policy.