Good morning Tech Fam, here's a quick tech update for you to catch on:
What's new today: Whale activity around Dogecoin has increased dramatically, spiking Dogecoin's market dominance, and TCS, Infosys, and HCL to hit by a US recession.
Fast-Trach Insights: Dogecoin has been recently accepted as a means of payment in several online and retail merchants; the rise in unemployment claims comes as more companies announce job cuts amid increasing fear of a US recession; the latest Tweet by Bloomberg states, 'Bitcoin's stealth rally in July has investors starting to contemplate whether the crypto has found a bottom.
Whale activity around Dogecoin has increased dramatically, spiking Dogecoin's market dominance. Now speculations are rising on whether Dogecoin will witness a sharp rise in its value as renewed whale interest definitely denotes that DOGE has finally appealed its prominence to the investment community. Now, if whales continue to dominate the market, it is only a matter of time before the largest meme coin in the market will make its way back to the top digital currencies.
An excitement is developing in crypto-trader circles and on Twitter about Bitcoin's stealth July rally, which has beleaguered traders starting off to ponder whether the biggest electronic asset has found a bottom. Nevertheless, specified how extreme the boom-and-bust cycles can be in the sector, lots of are also remaining cautious, unwilling to present an all-very clear indicator offering the mercurial character of electronic tokens even as they see indications emerging of Bitcoin obtaining uncovered ground.
India's tech industry is ruling out a US recession. The best bet for India's IT services exporters is to hope that the US economy their most important market will avoid a recession; and that customers who ramped up their digital budgets during Covid-19 will keep giving orders.
Large consumer tech companies, such as Alphabet Inc. or Meta Platforms Inc., are witnessing a drop in their premium valuations. In the June 2022 quarter, India's largest IT services company Tata Consultancy Services (TCS) reported a consolidated net profit of Rs 9,478 crore for the June 2022 quarter, a jump of 5.2 percent on a year-on-year basis. The company's revenue during April-June 2022 rose 16.2 percent to Rs 52,758 crore, compared with Rs 45,411 crore in the year-ago period.
Indian technology giants are always in the fray, but the recent trends indicate that Infosys has outplayed its immediate rivals TCS and HCL Tech, for yet another quarter. Infosys, the second largest IT company in the country, delivered 21.4 percent year-on-year (YoY) constant currency revenue growth, while in rupee terms, the growth was 17.5%, more than Tata Consultancy Services and HCL Tech, the other two companies in the Top 3 league.
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