Pepe the frog became associated with the online far right because it was a commonly used memetic avatar in general 4chan culture, and became intertwined with the space's shift to the political right in a fairly organic way. The association was boosted by (IIRC) the 2016 Clinton campaign's assertion that it was a far-right symbol, which was obviously embraced by those people as a sort of irreverent statement. Likewise, there may have been some very thin, actually existing connection between the far right and the "ok" gesture, but it really came about as an association that was imposed by the media and subsequently embraced by that community. To say these terms were "co-opted" isn't really correct.
I think there's actually a better case to be made that the pipeline of "co-option" (if you want to call it that) is stronger in the reverse direction. I posted a sister comment to yours about that.
>actually existing connection between the far right and the "ok" gesture but it really came about as an association that was imposed by the media and subsequently embraced by that community
There wasn't any connection. You are running things in reverse. There was an explicit concerted effort to 'take it over'. With celebrations when it succeeded as the media to the bait.
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You both are wrong, thee is actually a symbiosis. Media (any kind) need freaks, maniacs, disasters to generate views, and keep common people puzzled, thrilled, and entertained. Anons need lulz. Therefore complete nonsense — “white poodle is a secret way to say Heil Hitler to the ones in the know” — will be reported in hopes that it won't fizzle out, but will become the next media sensation, and immediately there will be threads from totally legit specialists discussing how to breed the whitest dog possible.
You are describing exactly what I said: the media makes up nonsense--or is fed it by activists--and then people think it is funny and play with the idea.