The orignal video contains Cirno, Fujiwara no Mokou, Kaguya Houraisan, Rumia, and Sakuya Izayoi, characters from a Japenese game series called Touhou created by a man who goes by the name of ZUN. In this video, the group (excluding Sakuya, who supervises them) is up all night frantically trying to finish their homework before school starts again. …But they don't accompish anything. Everyone starts to fight with each other and goof off (except Sakuya) and so they end up destroying the interior of the whole room they're in, leaving Sakuya to clean up the mess. And once the sun rises they all admit they didn't finish. …Well everyone except Rumia.



Variations of this include animated real-life and other fan-made character/OC (original character) animations, comics, ect.

Whether it's notable or not I have no clue, I'll leave that for you to decide.
This meme is either starting to rise or decline in popularity, but again I'll leave that to your judging.