AIOZ Network halts rally as cryptocurrencies mirror Bitcoin dip

AIOZ Network, a decentralized crypto platform focused on integrating artificial intelligence into Web3 and storage solutions, has seen its bullish momentum wane amid general declines in the crypto market.

The AIOZ Network (AIOZ) token reached highs of $0.67 on July 29 before losing some of its gains as the altcoin market pared gains alongside Bitcoin (BTC). The slight decline experienced by the DePIN project at the time of writing meant that AIOZ was trading just above $0.60, with 24-hour gains reduced to around 10%.

However, AIOZ’s trading volume increased by over 570% to over $32 million, indicating increasing interest as it entered the top 100 coins by market cap. Despite this, profit-taking activity is likely as the top cryptocurrencies shed recent gains.

Bitcoin’s decline drags altcoins down

Bitcoin’s recent drop has significantly affected altcoins, including AIOZ. BTC touched the $70,000 level earlier in the day but has dropped to around $67,200 at press time. This drop comes after the US government moved $2 billion worth of ‘Silk Road’ bitcoin, causing a temporary market shakeup.

The top cryptocurrency fell to as low as $66,700 before stabilizing after on-chain data showed assets were transferred to two addresses. Blockchain intelligence platform Arkham suggested that a chunk of 10,000 BTC may have been sent to an institutional custody service.

UPDATE: US Government Splits $2 Billion in Bitcoin into Two Addresses:

10,000 BTC ($669.35 million): bc1qlap8hkt9genaljz5nt2zlehhudx63zlahr2zek
19,800 BTC ($1.33 Billion): bc1qngydl7hmgdtmuqjmtsyj3pcwszv0yn5mj6kz4c

We think this was a 10,000 BTC deposit to a corporate company… https://t.co/0aULBXGd8P pic.twitter.com/RTwtaqvMmM

— Arkham (@ArkhamIntel) July 29, 2024

AIOZ benefits from Sei partnership

AIOZ’s rise came after its 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 creators in the L1 ecosystem access to its core infrastructure-as-a-service solutions, including AIOZ W3S, an S3-compatible object storage feature that leverages the AIOZ network of DePIN nodes.

Other products include AIOZ W3IPFS, a Web3 IPFS Pinning service, AIOZ W3AI, an AI service platform leveraging the AIOZ DePIN GPU, and AIOZ W3Stream, an infrastructure that developers can use to host, share, and stream video (both on-demand and live).