Line a baking sheet with parchment paper or wax paper.

Add the melting wafers or candy melts and coconut oil into a microwave-safe bowl. Heat in 30-second increments, stirring after each one, until completely melted and smooth.

Dip the end of the cake pop stick into the melted chocolate and then insert the stick 2/3 of the way into the donut hole. Place it on the prepared baking sheet.

Repeat with the remaining donut holes and cake pop sticks.

Place the donut cake pops into the freezer for 5 minutes, or the fridge for 10 minutes, to set and chill.

Dip the donut cake pops into the melted chocolate. Swirl the cake pop in a circular pattern over the chocolate to allow the excess chocolate to drip off.

Immediately add sprinkles to the cake pop. Place the cake pop onto the baking sheet or into a cake pop stand.

Let the cake pops set at room temperature for 15-20 minutes until the chocolate is set and hardened.