Pour Chex cereal into large bowl with lid. In a separate bowl, combine white cake mix and powdered sugar. Set aside. Melt candy coating according to directions on the package. Once melted, pour candy coating over Chex cereal. Fold together. Add 1/3 of the bottle of sprinkles to the mixture. Fold together. Add another 1/3 of the bottle of sprinkles to the mixture. Fold together. Pour cake mix and powdered sugar mixture on top of the cereal mixture. Place lid on bowl, seal, and shake all the ingredients together.