Paffendorf is a dance duo based in Cologne, Germany. The duo consists of Ramon Zenker, formerly of Fragma, and Gottfried Engels. Paffendorf is best known for the 2002 hit "Be Cool", although they have had various successful hits across Europe.
In this case, paffendorf is another dance meme with various characters from different series. Their actions consist of swinging their arms in a circle and bouncing up and down. Their eyes have stars in them to show excitement.
This action sequence was done in one of the scenes from the series Sumomomo Momomo, where Kuzuryuu Momoko is in a chibi form and swinging her arms. The most early video upload was 2007 with Momoko, but it seems as though it is a Izumi Konata upload that has taken credit in spreading it further.
The song used for the meme is a speed up version of 'Under my Skin' by Paffendorf.
Japanese name of the meme is "アッーウッウッイネイネ(0ﾟ・∀・) (Ah! U! U! Ine Ine)."