Cover a large, flat plate or cookie sheet with waxed paper and set aside.

Slice the butter into 8-10 pieces and add it to a large bowl. Add the Funfetti cake mix, sugar, flour, and vanilla extract.

Using a fork, work the butter into the flour and cake mix until thoroughly combined and it resembles smooth cookie dough.

Use your hands to combine all the ingredients. Add 1-2 tablespoons of milk or water if the dough is too dry. Mix in rainbow sprinkles.

Measuring one tablespoon of truffle batter or using a one tablespoon cookie scoop, scoop dough and roll it into a ball using your palms. Place the truffle balls on the prepared baking sheet.

Freeze the truffles for 10 minutes before coating with white chocolate.

Add white chocolate wafers to a microwave-safe bowl and melt for 30 seconds. Stir well and microwave for another 20-30 seconds, then stir again. If necessary, microwave for an additional 10-15 seconds and stir until fully melted.

Using a fork, dip each dough ball into the melted white chocolate and place it on the prepared plate. Top with sprinkles immediately.

Place truffles in the fridge for at least 20-30 minutes or until the white chocolate coating hardens.

Store truffles in the fridge for up to 7-10 days. Serve and enjoy!