Named for a small flower
Periwinkle is a pale blue with a touch of violet. It is named after the lesser periwinkle, Vinca minor, a low creeping plant whose flowers have about this color. The first use of periwinkle as a color word in the Oxford English Dictionary is from 1922.
The code #CCCCFF matches the periwinkle sample in Maerz and Paul's A Dictionary of Color of 1930. That book also calls the color lavender blue, which is why lavender blue shares the code on this site. Its ISCC-NBS name is very light purplish blue.
Blue plus a lot of white
There is neat math behind the code. Mix one part pure #0000FF with four parts white and you get exactly 204, 204, 255, which is periwinkle. You can try it in the color mixer.
Crayons and baseball
Crayola's Periwinkle crayon is grayer than this code, closer to #C3CDE6. In 1997 the Anaheim Angels showed off new uniforms that used periwinkle, as the Wikipedia article on periwinkle notes. For a deeper version of the same idea, see blue bell.

