This was written in 1956 by Otis Blackwell, whose other works include Fever, Great Balls of Fire and Don’t Be Cruel.
The first version was by David Hill in 1956.
As far as I can tell it did nothing.
Elvis recorded it on January 12, 1957, at Radio Recorders in Hollywood, when he was 22. It went to No 1 in America and was The King’s first No 1 in Britain.