AIOZ Network’s momentum cools amid broader crypto declines.
AIOZ Network, a decentralized platform integrating AI into Web3, has seen its token (AIOZ) retreat after briefly soaring to $0.67. Broader market declines have impacted its recent gains.
The AIOZ token traded at a high of $0.67 on July 29 before sliding to just above $0.60. This dip aligns with the altcoin market following Bitcoin’s (BTC) trend.
Despite the price dip, AIOZ’s trading volume spiked by over 570% to more than $32 million. The token’s interest surged as it broke into the top 100 by market cap.
Bitcoin plunge drags altcoins lower
Bitcoin’s recent decline has heavily influenced altcoins, including AIOZ. BTC’s drop was triggered by the U.S. government’s movement of $2 billion in ‘Silk Road’ bitcoins, shaking the market.
Bitcoin fell from $70,000 to $67,200, hitting a low of $66,700. On-chain data revealed a transfer to two addresses, with one chunk potentially sent to an institutional service.
AIOZ benefitted from Sei partnership
AIOZ’s rise is partly due to its recent collaboration with Sei, a Layer-1 blockchain optimized for trading.
On July 25, AIOZ Network announced its partnership with Sei to offer builders infrastructure-as-a-service solutions. These include AIOZ W3S, a storage feature using DePIN nodes.
Other products include AIOZ W3IPFS, a Web3 IPFS Pinning service; AIOZ W3AI, an AI-as-a-service platform; and AIOZ W3Stream for hosting and streaming video content.
