If I'm following correctly...
Pepe was coopted by the far right in 2016 or so for annoying political shitposts. It was sad because pepe is a great meme and the value of my rare and super-rare foil pepe collection plummeted immediately afterwards.
Now there are stories and photos going around of people dressed in big inflatable frog suits protesting against ICE in Portland and I guess it's become the symbol of a movement. Frogs are cool again.