Mid-Cap Memecoins Surge Despite a Flat Crypto Market, Led by Pepe Unchained, Raising $18M for Its Ethereum Layer 2

The crypto market is treading water this week – but mid-cap memecoins don't care – they're going parabolic.

Mid-cap memecoins are surging despite a flat crypto market, with one project, Pepe Unchained, raising $18M for its Ethereum layer 2.

What Happened: The crypto market is largely treading water this week, but mid-cap memecoins don’t care — they’re going parabolic.

As several top memecoins, including Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB), are down for the day, several lesser-known memecoins are surging double-digits.

One project, Pepe Unchained (PEPU), is surging after kicking off its presale. The project has raised over $18 million in capital inflows, according to the presale website.

Pepe Unchained is developing the world’s first Pepe-themed Ethereum layer 2 blockchain.

The mass rotation: Traders are selling large-cap memecoins to buy mid-caps like Pepe Unchained

The price action in memecoins this week is showing a mass rotation out of the larger memecoins into the smaller caps. Every top 10 memecoin is in the red today, yet spades of mid-caps are up double-digits.

Some mid-caps are even on a vertical ascent – SPX6900, for example.

The project has risen by a massive 6,000% in the past month, which Lookonchain reports has already made some savvy traders millions of dollars.

dimethyltryptamine.eth spent 15.6 $ETH($47K) to buy 3.64M $SPX 90 days ago, now worth $1.27M, a 26x return in just 3 months!

dimethyltryptamine.eth is a legend!

He spent only 0.125 $ETH($251) to buy 5.9T $PEPE($100M at peak) and sold 3.94T $PEPE for 2,614 $ETH($5M), leaving… pic.twitter.com/6PsrrckIC9

Other mid-cap memecoins, such as GigaChad, HarryPotterObamaSonic10Inu (ERC-20), and MAGA, are all up over 80% this week.

Meanwhile, First Neiro On Ethereum has risen 3,400% this month, and Moo Deng (SOL) is up 350%.

Yet, amid this mid-cap memecoin awakening, Pepe Unchained is causing an unparalleled buzz.

The project’s ICO has raised $18 million, and the team is building an Ethereum layer 2 blockchain for memecoins.

This concept will see memecoins have a dedicated home on Ethereum for the first time – and it will be 100x faster and much cheaper than the Ethereum main network.

And it’s not just investors who support the new project. Top crypto traders are backing it for significant returns, too.

Analysts say that Pepe Unchained will see “major gains” and possibly 100x

With over $18 million of capital inflows to its presale, Pepe Unchained is generating a lot of attention.

Leading media outlets like CryptoPotato, Cointelegraph, and Watcherguru have reported on it, and leading traders have also picked it up.

In a recent video, Claybro told his 130K YouTube subscribers to prepare for major gains.

He highlighted that deep-pocketed whales are participating in the presale, spotlighting one 23 ETH purchase worth a staggering $57K.

Indeed, smart money would not be willing to bet so much money if the project didn’t have huge potential.

How much potential? Given its early stage, that’s hard to say. However, 100x gains should not be ruled out.

That’s the target of Umar Khan, a well-known figure who regularly appears on the 99Bitcoins YouTube channel.

On the flip side, some analysts are a lot more conservative, with Cilinix Crypto recently speculating it has 5x potential.

Pepe Unchained to launch developer grants program in Q4

Pepe Unchained is far more than your average mid-cap memecoin.

Separating itself from the likes of SPX6900, First Neiro On Ethereum, and Moo Deng, Pepe Unchained has innovative and game-changing utility.

While tapping into Pepe’s viral allure, the project’s layer 2 blockchain could change how users interact with meme coins.

The team is doubling down on this with a developer grant program, which will launch in Q4.

They’re calling it “Pepe Friends With Benefits,” and it will pay developers to build within its ecosystem.

A fast-growing ecosystem will likely attract more users and liquidity, thereby bolstering

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