In a microwave-safe bowl, combine ½ cup of peanut butter and ¼ cup of honey. Microwave this mixture for 20-30 seconds until it's soft and easy to stir.

Add 1 cup of vanilla protein powder to the mixture and stir using a sturdy spatula until fully combined. Gradually add a teaspoon of milk or water as needed for consistency.

Gently fold in ½ cup of rainbow sprinkles, being careful not to break them.

Portion out the dough using a tablespoon or small cookie scoop and roll into 1-inch balls. Arrange on a parchment-lined tray.

Roll each ball in additional rainbow sprinkles for a festive look.

Place the tray in the refrigerator for at least 20 minutes to firm up.

Serve these protein balls as a nutritious snack, storing any leftovers in an airtight container for up to 1 week.