Artist Matt Furie created Pepe the Frog as an easygoing, bro-like character in his 2005 comic series, The Boys Club. In one comic, Pepe urinates with his pants down at his ankles. Sporting a relieved grin, Pepe says, Feels good man.

Pepes creator told The Daily Dot in April 2015 that the name Pepe (though pronounced differently) evokes pee-pee, in keeping with the literal bathroom humor the original character is known for.

According to Know Your Meme, users began creating their own Pepe images in 2008 in forums on the imageboard site 4chan. These Pepes, riffing on the frogs signature smile, spread online as a humorous reaction, much as people post GIFs to illustrate how they feel about something. One common variant shows a smirking Pepe, often called Smug Pepe, his thumb tucked knowingly under his chin. Additionally, the variants Sad Pepe and Angry Pepe are also common.

By 201415, Pepe had gone full mainstream, with singers Katy Perry and Nicki Minaj notably posting Pepe memes on Twitter. But as The Daily Beast reported in May 2016, some white supremacists were disappointed by Pepes widespread popularity. And so, as a dark and shocking joke, they fashioned Pepes with various anti-Semitic and other racist imagery in efforts to make Pepes widespread use less appealing to those outside their circle. One depicts a caricatured Jewish Pepe smiling at burning Twin Towers on September 11. Another swaps out Pepes Feels good man for Kill all Jews.

Starting around 2015, alt-right supporters of Donald Trump embraced the bigoted Pepe memes, spreading suited-up and blonde-coiffed versions of the frog after the likeness of their candidate. While apparently unaware of Pepes symbolism, Donald Trump retweeted a Trump Pepe in October 2015, as did Donald Trump Jr. following Hillary Clintons basket of deplorables comment in September 2016. Many alt-right social media users have even deployed the frog emoji in their online monikers to represent Pepe and their political affiliations. Pepe has also inspired a hand gesture, resembling the OK sign, that Mediaite claims a ten-year-old flashed on a tour of the White House in March 2017.

This unassuming cartoon frog became so established as a racist symbol that the Anti-Defamation League (ADL) labeled Pepe the Frog as a hate symbol in September 2016. Around this time, the Clinton campaign released their own explainer on Pepe, commenting that the cartoon frog is more sinister than you might realize. Another one of Pepes political iterations is as Pepe Le Pen, which depicts French far-right nationalist politician Marie Le Pen as the frog.

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Pepe the Frog - Dictionary.com