Preheat the oven to 350 degrees F. Line two standard cupcake/muffin pans with paper liners, set aside.
In a large bowl, add the cake mix, cola, ¼ cup reserved cherry juice, oil, and eggs.
Whisk mixture together until just combined.
Fill liners 2/3 full and place 1 stemless maraschino cherry to the middle of each well.
Bake for 20-22 minutes, or until a toothpick inserted in the center of one cupcake comes out clean. Let cool in pan for about 5 minutes then move to a wire rack to cool completely.
To make the frosting, In the bowl of a stand mixer fitted with the paddle attachment, beat the butter until smooth, then add the powdered sugar and mix on low. Add the remaining reserved cherry juice slowly, until the frosting is light and fluffy.
Transfer frosting to a piping bag and frost each cupcake.
Sprinkle each cupcake with chocolate shavings, and top with a stemmed maraschino cherry.