Heat the coconut oil on the stovetop over low (be careful, it can burn!). Once the coconut oil is liquid and warm turn off the heat and whisk in the remaining ingredients until combined.
Peel bananas and cut in half. Place a popsicle stick into the bottom of each half.
Place shredded coconut in a bowl.
Dip bananas in “magic shell” to coat evenly, then dip in shredded coconut. Add dried cherries for mouth and eyes.
Lay bananas on a parchment or foil-lined baking sheet. Once cool, store in freezer (if putting in a container, separate layers with parchment or foil).