I think it would be different depends on the era of what is hype on the current situation, back in 2017 many investors are investing on lending programs and it last until 2018 and everybody get rekt because of masssive scams, and last year was IEO on hype and this year we'll see what is coming to hype for investors
Of course yes, it could be different also by evaluating different samples. Everything could change by time and the result might be different. This one is a OP's company perspective, and nothing's wrong with it. The point is to deliver the result, and if you do the same research you can use the result to follow the market mood, whales activity, and take opportunity from it.
The question to your perspective, have you done your research using credible method? Or you have just seen prices growth and hype in the market or coinmarketcap then simply say it is lending?