Octocupcakes were a type of cupcakes as well as sweet that were made by Octocat that were named after her.
When peri was embarking on doing more good deeds to get some candy, Mister Smarty Smarts offered Peri a sweet in the form of his minion's Octocupcakes, to which peri replied to make it two, in return for being given an amnesia ray. (Sugar Low)
Octocat offered Smarty Smarts when he was feeling miserable. (Octocataclysm)
They also have eight smaller cupcakes on them (hence their name).