Yes, yes it is (although the real top video has been removed).
It appears to be of European in origin with versions in French and German as well as English. The question is, what an 139,452,702 views tell us about this video? Probably that it’s aimed at kids and that most people are watching it for the song more than anything else (at least I hope they are). In any case, this Gummybear fella has a stranglehold on the top 10 and I’m sure he’s making an OK living doing it, regardless of how poor the animation is.