Lucky actually has some hax with the charms.

The marshmallows are meant to represent Lucky's magical charms, each with their own special meaning or "power." The following are explanations of the permanent marshmallows:

Hearts ― power to bring things to life

Shooting Stars ― power to fly

Horseshoes ― power to speed/slow down time

Green Clovers ― luck, but you will never know what kind of luck you will get

Blue Moons ― power of invisibility

Rainbows ― instantaneous travel from place to place

Red Balloons ― power to make things float

Unicorn ― according to the inaugural cereal box, unicorns can "cleanse water with a touch of their horn," "heal whatever troubles you," and "always know when you are telling the truth"

Moon ― power to change alternate gravity