Gently pour your Chex cereal into a large mixing bowl (or divide into two bowls for easier handling). Set aside.
In a medium saucepan, combine the creamy peanut butter, white chocolate chips, and coconut oil over low heat. Stir consistently until the mixture is fully melted and wonderfully smooth.
Scoop out about 3 tablespoons of the melted chocolate mixture and save it for a decorative drizzle later. Pour the remaining warm chocolate over the Chex cereal. Using a spatula, gently fold and mix until every piece of cereal is evenly coated.
Quickly transfer the chocolate-coated cereal into a large gallon-sized resealable bag. Add about 1 cup of powdered sugar, then seal the bag tightly and shake it lightly until the cereal is completely coated. If needed, add the remaining ½ cup of powdered sugar and shake again. (If using a smaller bag, you might do this step in batches).
Spread the powdered sugar-coated cereal onto a large baking sheet. Take your reserved white chocolate and drizzle it decoratively over the cereal. Immediately sprinkle with gold sanding sugar, large star sprinkles, and edible gold stars before the chocolate hardens. Work in small sections for the best coverage.
Allow the Puppy Chow to cool and set on the baking sheet for about 15 minutes. Once firm, transfer it to a festive bowl and add any extra gold stars for a final, sparkling touch!