AIOZ Network, a decentralized cryptocurrency platform, has experienced a slowdown in its rising trajectory due to general losses in the cryptocurrency market.
On July 29, the AIOZ Network token reached its highest price of $0.67. However, it later lost part of its gains when the altcoin market declined in tandem with Bitcoin. AIOZ was barely above $0.60 at the time of writing, with 24-hour gains reduced to about 10% due to the DePIN project’s small decline.
AIOZ, on the other hand, saw a nearly 570% increase in trading volume to over $32 million, signaling growing interest as it entered the top 100 coins by market capitalization. In spite of this, profit-taking is probably going to occur as popular cryptocurrencies lose recent gains.
Bitcoin Plunge Drags Altcoins Lower
The recent decline in Bitcoin has had a major effect on altcoins, such as AIOZ. BTC dropped to about $67,200 at the time of writing, having crossed the $70,000 threshold earlier in the day. This decline followed a brief market agitation brought on by the U.S. government’s removal of $2 billion worth of “Silk Road” Bitcoins.
Prior to stabilizing, the leading cryptocurrency dropped as low as $66,700 due to on-chain data indicating that assets were being moved between two addresses. A portion of 10,000 Bitcoin, according to blockchain intelligence platform Arkham, might have been transferred to an institutional custody provider.
AIOZ Gained from the Sei Collaboration
The partnership with Sei, a Layer-1 blockchain designed with trade procedures in mind, led to AIOZ’s surge. The AIOZ Network team stated on July 25 that it is working with Sei to provide important infrastructure-as-a-service solutions to builders in the L1 ecosystem.
Among these is AIOZ W3S, an object storage feature that is compatible with S3 and makes use of the AIOZ network of DePIN nodes. AIOZ W3AI, an AI-as-a-service platform that utilizes the AIOZ DePIN GPU, AIOZ W3IPFS, a Web3 IPFS Pinning service, and AIOZ W3Stream, an infrastructure that allows builders to host, distribute, and stream video (both on-demand and live-streaming), are further offerings.
