I have no idea about the origin on the tune, however.
My father was an old-time fiddler, and he used the number to showcase trick fiddling. He played it in G, and while he plunked the open e and a strings on the words, "pop goes," he used the time to move the instrument to other positions. He put it under his left leg, right leg, both legs,and he held it facing the audience propped on his left leg. He held the bow between his knees and moved the instrument. For a finale he played a verse with the fiddle on top of his head.
Has anyone ever seen this anywhere else? It would be interesting to know where he got the idea. He was born in 1886 and knew hundreds of tunes when he died in 1947.