Using a standing mixer, beat all ingredients except for the color until it's combined and smooth but stiff with peaks.
Place one cake layer onto the cake board and cut the dome off the cake to make an even layer
Repeat step with other two layers
Scoop 1 C of white frosting onto the bottom layer and spread evenly
Place the second cake layer on top and spread evenly 1 more cup of frosting
Place the last layer of cake on top and frost with remaining white frosting
Place the cake in the fridge to allow the base frosting to harden for about 30 minutes
Coat the bottom of the layered cake with fruit loops
Carefully remove the balloon from the fridge and remove it from the bowl
Hold the chocolate part in your hand
Using a safety pin, carefully pop the balloon and remove it from the chocolate
Carefully place the chocolate bowl onto the top of the cake
Fill it halfway with the cereal
Cut and enjoy!