Speaking of the melancholic "Sad Frog" meme, most people born in the 90s and 00s have probably seen it. But you might not expect that this character, created by cartoonist Matt Furie in 2005, would in 2023 transform into a hot commodity in the cryptocurrency world.

It's this frog— from an internet culture icon to a rising star in the meme coin scene. What exactly has it experienced along the way?

Initially, Pepe the Frog represented decadence and loss, serving as a spiritual support for countless otaku. But when PEPE tokens suddenly emerged in 2023, its meaning was completely reversed— from "sadness" to "wealth explosion," from a meme to an asset. In a short period, this frog accumulated a market cap of billions, becoming a myth of internet wealth creation.

By early 2026, as the market warmed up, PEPE became active again, continuing to lead the meme coin sector. From comics to emojis to a crypto asset, this frog's fantastical journey also reflects, to some extent, the bizarre collision between internet culture and the financial world— a meme image really can evolve into a financial asset.