Prepare the cake mix as per package instructions in a 9x13" pan. Let it cool completely.
Break the cooled cake into fine crumbs using your hands or a food processor.
Add frosting to the crumbs (start with ¾ can, add more if needed) and mix until it forms a dough-like consistency.
Roll the mixture into 1-inch balls and place them on a parchment-lined baking sheet.
Chill for 30 minutes in the freezer (to firm up).
In a microwave-safe bowl, melt chocolate chips with coconut oil in 30-second intervals, stirring until smooth.
Dip each ball into melted chocolate using a toothpick or fork. Let excess drip off.
Place back on parchment paper and decorate with sprinkles immediately (before chocolate sets).
Allow chocolate to harden at room temperature or refrigerate for 15 minutes.
Store in an airtight container for up to 5 days or freeze for longer storage.