It's less insane than some of what passes for art, and the fact that Pepe became a white nationalist symbol adds extra edginess and irony.
Rare Pepe Wallet is interesting because it's not from the US, it was concepted in Venezuela where Pepe does not have the association with the alt-right. The Rare Pepe Wallet project has been part of the movement to reclaim Pepe from the alt-right which is almost entirely complete, most alt-right forums no longer use Pepe as their avatar (although some do).