They're 2 totally different things. I think Alex Jones once claimed someone was putting something in the water that was turning the frogs gay. Pepe, I read an article years ago, was a comic someone drew where this frog character goes to a urinal in a public bathroom, drops his pants around his ankles and pees like a toddler, and when someone looks at him in disgusts, he says "Feels good man."
From there, more comics were drawn meant to capture basement internet dwellers with zero social skills that don't care what people think and just do what feels good. At some point, this started to include political elements, people feeling out of touch politically with everyone they associated with. As it got political, the people that started the cartoon felt it was being used in ways they didn't appreciate, so some thought they could fix it and reclaim it by breaking it and making it toxic. They added racist and homophobic and even pro-Nazi elements, however, instead of pushing away the politics (this was all solidly pre-Trump) some people embraced the new comics. I think most of that has burned out now and what little is left is back to the original use of fake stories people think up to express how awkward and out of touch they feel.