The identity of the world’s top crypto brand may shock you

Given that there are nearly 20,000 different cryptocurrencies, it makes sense that establishing a strong crypto brand would be a way to stand out from the crowd and build a loyal ecosystem of developers, users, and investors.

So it was interesting to see, for the first time ever, a study of how the world’s top cryptos stack up as brands. The 2022 Brand Intimacy Study, from brand agency MBLM, analyzed how hundreds of popular brands established emotional connections with their customers and fans worldwide.

When it comes to crypto, the results may shock you. If you thought Bitcoin or Ethereum were the best crypto brands, you are wrong. You will also be wrong if you picked up and come Solana. Instead is the world’s best crypto brand Cardano. The report looked at more than 600 brands in nearly 20 different industries. Cardano ranked #1 in the crypto industry and #26 overall.

What makes Cardano a good brand?

Since Cardano was ranked as the top crypto brand, MBLM included a special industry feature on it in the report to showcase what makes this crypto so special. MBLM used artificial intelligence (AI) and Big Data tools to sift through all the comments people made about Cardano online, and found 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.

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Image source: Getty Images.

According to the report, people believe the future of Cardano is “exciting” because of all the innovations happening on the blockchain, including the ability to stake Cardano and the ability to participate in new decentralized finance (DeFi) platforms. And people didn’t seem too annoyed that the pace of development on Cardano seems to be taking longer than many wanted. In fact, an example comment was: “Cardano is running fine.”

The link between brand ranking and market performance

If you’re a Cardano investor, this should be exciting news. That means the approach pioneered by Cardano co-founder Charles Hoskinson — a slow, methodical approach to software development that minimizes bugs and errors — is gaining traction with crypto developers. They trust the Cardano brand and are willing to build on top of the blockchain platform. We have already seen a boom in decentralized applications in the wake of Cardano’s 2021 technology upgrade, and we may see something similar in the wake of this year’s upgrade (known as the Vasil Hard Fork).

And there’s another reason to be excited: There seems to be a direct correlation between brand strength and market performance. Since this is the first year crypto appeared in the study, there is no historical evidence from the crypto world. But there is plenty of evidence from the stock market world, where MBLM says that the world’s best brands also tend to outperform major stock indexes. This makes intuitive sense, especially considering the brands at the top of this year’s list: Disney, Tesla, appleand Sony.

In the future, Cardano will face a lot of competition from other Layer 1 blockchains, including the likes of Ethereum and Solana. Whichever blockchain turns out to be the long-term winner may be a direct function of brand loyalty. In short, brand loyalty is turning into a source of huge competitive advantage in the crypto world. One example is the brand-centric approach used by Solana, which is trying to become the apple of the crypto world. But Solana ranked behind Cardano and Bitcoin in the brand report, which analyzed 21 different cryptos.

Is Cardano a long-term buy?

So if you’ve been on the fence about investing in Cardano, just know that while Cardano may not have the immediate name recognition of Bitcoin, it has become a remarkably strong crypto brand. While one of the keywords used to describe Bitcoin in the report was “skyrocketing”, the keywords for Cardano were “future” and “value”. And that’s what makes Cardano a long-term buy and hold. It’s a crypto that you know will be there at the end when potentially tens of thousands of “get rich quick” cryptos will be in the dustbin of history.