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Pepe is a frog who likes to get high and who feels bad, man. Everything else is not canon.

Rational Wiki

Pepe the Frog is an anthropomorphic frog character from the comic series Boy’s Club by Matt Furie. On 4chan, various illustrations of the frog creature have been used as reaction faces, including Feels Good Man, Sad Frog, Angry Pepe, Smug Frog and Well Meme'd.

Know Your Meme
Triple Zed,
(March 26, 2015)