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 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.

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).