Preheat the oven to 350 degrees F (175 degrees C). Grease the bottom of a 9x13-inch baking pan.
Combine cake mix, water, eggs, and oil in a bowl; mix well. Pour into prepared pan.
Bake in the preheated oven until a toothpick inserted in the center comes out clean, 23 to 28 minutes. Remove from oven and allow to cool until safe to handle, about 30 minutes.
Crumble cake into a large bowl and add 1/2 the frosting. Mix using hands until thoroughly combined and thick; stir in more frosting if necessary. Roll mixture into approximately 40 balls and place on a baking sheet. Cover with plastic wrap and refrigerate for 1 hour, or up to overnight.
Place chocolate melting wafers in a microwave-safe bowl and melt in the microwave, stirring frequently, 2 to 3 minutes.
Pour sprinkles into a shallow bowl.
Dip the tip of a lollipop stick in melted chocolate and insert into the flat end of a cake ball about halfway through. Dip cake pop into melted chocolate and rotate to cover. Tap softly to remove excess chocolate, and immediately cover with sprinkles before chocolate hardens. Push cake pop stick into styrofoam block as a stand. Repeat with remaining cake balls.