Prepare and bake cake as directed on the box for a 9 x13-inch cake. Cool cake completely.
Crumble cooled cake into a large mixing bowl. Stir in 1/4 cup frosting and mix until well combined. Add more if needed. Scoop mixture by the tablespoonful OR use a small ice cream scoop and roll into a balls.
Drain the maraschino cherries and pat dry with paper towels. Press one cherry into the center of each cake ball. Form the cake mixture around the cherry. Roll in between your hands to form a ball.
Line a baking sheet with parchment paper; set aside.
Melt the semi-sweet chocolate or candy melts in a double boiler over simmering water. Using a fork, dip each cake covered cherries into the melted chocolate. Place on the prepared baking sheet. Refrigerate until set, about 10 minutes.