Scoop 1/2 cup of the whipped topping into a pastry bag fitted with a star tip. Cover and refrigerate until ready to decorate the pie. Be sure to reserve this portion before adding the remaining whipped topping to the filling.

Add the sweetened condensed milk and entire packet of cherry Kool-Aid drink mix to a mixing bowl. Whisk until completely combined and evenly colored.

Fold the remaining whipped topping into the cherry mixture until smooth and no white streaks remain.

Spoon the filling into the graham cracker crust and spread evenly to the edges.

Refrigerate the pie for 4 hours, allowing enough time for the filling to fully set before slicing.

Once chilled, pipe the reserved whipped topping around the top of the pie. Add a maraschino cherry to each dollop, slice into 8 pieces, and serve cold.