Remove the cakes from the fridge and cut the dome tops off to level, if needed.
Place a thin layer of frosting (about 2 tablespoons) in the middle of a cake board or cake plate, then place one cake (cut side facing up) on top of that frosting.
Add a generous layer of frosting on top of that first layer, smooth it out evenly, then place the second layer (cut side facing up again) on top of the first layer.
Add a generous layer of frosting on top of that second layer, smooth it out evenly, then place the third layer (bottom side facing up) on top of that frosted second layer.
Frost a thin layer of frosting around the top and sides of the cake, then freeze for 10 minutes to firm up.
Remove about 1½ cups of white frosting and place it into an icing bag fitted with a Wilton 1M tip. Set aside.
Stir 2 cups of Fruity Pebbles cereal into the remaining white frosting.
3 cups Fruity Pebbles cereal
Frost the chilled cake with the Fruity Pebbles frosting, using a cake scraper to smooth it out.
Gently press about ¾ cup of the remaining Fruity Pebbles onto the bottom border of the cake.
Use the white icing in the icing bag with the Wilton 1M tip on it to frost swirls around the top border of the cake. Sprinkle with the remaining ¼ cup of Fruity Pebbles cereal.