This is an example of a sticky post. A Sticky Post is the post will be placed at the top of the front page of posts. This feature is only available for the built-in post type post and not for custom post types. You can read more about them here.
Dummy text is text that is used in the publishing industry or by web designers to occupy the space which will later be filled with ‘real’ content. This is required when, for example, the final text is not yet available. It is said that song composers of the past used dummy texts as lyrics when writing melodies in order to have a ‘ready-made’ text to sing with the melody.