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$AIOZ Network, a decentralized crypto platform focused on integrating artificial intelligence into Web3 and storage solutions, has seen its upward momentum cool off amid broader crypto market declines.
The $AIOZ Network ($AIOZ) token traded to highs of $0.67 on July 29 before giving up some of the gains as the altcoin market pared gains alongside Bitcoin ($BTC). The DePIN project’s slight dip at the time of writing meant $AIOZ hovered just above $0.60, with 24-hour gains trimmed to around 10%.
However, $AIOZ’s trading volume surged by over 570% to more than $32 million, indicating rising interest as it crossed into the top 100 coins by market cap. Despite this, profit-taking activities are likely as top cryptocurrencies shed recent gains.
Bitcoin plunge drags altcoins lower
Bitcoin’s recent plunge has significantly impacted altcoins, including $AIOZ. $BTC touched the $70,000 mark earlier in the day but fell to around $67,200 at the time of writing. This dip came after the U.S. government moved $2 billion worth of ‘Silk Road’ bitcoins, which caused a temporary market shake-up.
The top cryptocurrency reached lows of $66,700 before stabilizing, as on-chain data showed assets being transferred to two addresses. Blockchain intelligence platform Arkham suggested that one chunk of 10,000 $BTC may have been sent to an institutional custody service.
UPDATE: The U.S. Government has split the $2B Bitcoin into two addresses:
— Arkham (@ArkhamIntel) July 29, 2024
10,000 $BTC ($669.35M): bc1qlap8hkt9genaljz5nt2zlehhudx63zlahr2zek
19,800 $BTC ($1.33B): bc1qngydl7hmgdtmuqjmtsyj3pcwszv0yn5mj6kz4c
We believe this represents a 10,000 $BTC deposit to an institutional… https://t.co/0aULBXGd8P pic.twitter.com/RTwtaqvMmM
$AIOZ benefitted from Sei partnership
$AIOZ’s bump followed the collaboration with Sei (SEI), a Layer-1 blockchain optimized for trading processes.
On July 25, the $AIOZ Network team announced its collaboration with Sei to offer builders within the L1’s ecosystem access to key infrastructure-as-a-service solutions. These include $AIOZ W3S, an S3 compatible object storage feature that leverages the $AIOZ network of DePIN nodes.
Other products are $AIOZ W3IPFS, which is a Web3 IPFS Pinning service; $AIOZ W3AI, an AI-as-a-service platform that taps into the $AIOZ DePIN GPU; and $AIOZ W3Stream, an infrastructure that builders can leverage to host, share, and stream video (both on-demand and live-streaming).