The smiley challenge was very outdated, do smileys ever smash? Not really.
png's have become popular these past 2 years, do they warrant their own challenge? With gifs as a separate challenge too? Seems a little too much.
Combining smileys, gifs, png's, and whatever else comes with it like any other trends seems like the best idea. After all, gifs and pngs often become huge trend themselves, much more than lingo and any of the other stuff.
I kinda meant as their own challenge - like they never really take off.
But when you give them a trend twist, like having a meaning behind them, it's better.