PEPE is steady at spot rates, likely because of whale activity. Trackers show that the meme token is up 8% on the last day, stretching gains by 20% in the past week. This suggests that trader sentiment is improving.

Lookonchain data on Sep. 29 reveals that PEPE whales have been accumulating. 

Three major transactions, totaling $1.5 million, were made on Sep. 28 to purchase PEPE. On Sep. 29, two new wallets spent over $800,000 to acquire 1.08 trillion PEPE. 

Meanwhile, another investor traded $645K worth of Ethereum (ETH) for PEPE. The same investor had previously bought 1.04 trillion PEPE in August and made over $2.3 million from the meme token earlier this year. 

Whale involvement can reassure investors, boosting confidence. PEPE holders were worried about a rug pull earlier this month.