AIOZ Network, a decentralized crypto platform integrating artificial intelligence into Web3 and storage solutions, has experienced a slowdown in its recent upward momentum due to broader crypto market declines.

The AIOZ Network token reached highs of $0.67 on July 29 but has since given up some gains, paralleling the altcoin market’s overall performance alongside Bitcoin. At the time of writing, AIOZ is hovering just above $0.60, with its 24-hour gains reduced to around 10%.

Despite this slight dip, AIOZ’s trading volume surged by over 570% to more than $32 million, indicating rising interest as the token broke into the top 100 coins by market cap. However, profit-taking activities are likely as major cryptocurrencies shed recent gains.

Bitcoin Plunge Impacts Altcoins

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 followed the U.S. government’s movement of $2 billion worth of ‘Silk Road’ bitcoins, causing a temporary market shake-up.

The top cryptocurrency dropped to lows of $66,700 before stabilizing, with on-chain data showing assets being transferred to two addresses. Blockchain intelligence platform Arkham suggested that one chunk of 10,000 BTC might have been sent to an institutional custody service.

UPDATE: The U.S. Government has split the $2B Bitcoin into two addresses: 10,000 BTC ($669.35M) and 19,800 BTC ($1.33B). We believe this represents a 10,000 BTC deposit to an institutional service.

AIOZ Benefits from Sei Partnership

AIOZ’s recent bump followed its collaboration with Sei, a Layer-1 blockchain optimized for trading processes. On July 25, the AIOZ Network team announced its partnership with Sei to offer builders within the L1’s ecosystem access to key infrastructure-as-a-service solutions.

These services include AIOZ W3S, an S3 compatible object storage feature leveraging the AIOZ network of DePIN nodes. Other products are AIOZ W3IPFS, a Web3 IPFS Pinning service; AIOZ W3AI, an AI-as-a-service platform utilizing the AIOZ DePIN GPU; and AIOZ W3Stream, an infrastructure for hosting, sharing, and streaming video, both on-demand and live-streaming.

Stay informed about the latest developments in the cryptocurrency world by exploring more news on Global Crypto News.

Post Views: 3