The lyrics to this song are based on a kind of word association starting with konpeito, which is thought of as having the 'sweet taste' of sugar, which in turn leads us to think of melting snow (as sugar melts in the mouth), a white rabbit (as snow is white), a hopping frog (as rabbits hop), a green leaf (as frogs are green), and so on, continuing this word association based on various elements such as tastes, colors, actions and shapes.
金平糖は「甘い」と連想され、それ以降は砂糖・雪・ウサギ・カエル・葉っぱ……と味・色・行動・形状などの要素をもとにした連想が続く。