Rainbow Chip Funfetti Layer Cake! 1980s Rainbow Chip frosting and 1990s Funfetti cake fuse into this sprinkle injected cake. Colorful jimmies freckle the perfect white cake, while Rainbow Chip frosting gets elevated with homemade rainbow chips. To finish off a perfect sprinkle experience, the Rainbow Chip Funfetti Layer Cake gets topped with confetti sprinkles.