Preheat oven to 350°F. Spray a 9x13-inch baking pan with nonstick spray.
In a large bowl, combine cake mix, water, eggs, oil, and pink food coloring. Mix on medium speed for 2 minutes, scraping the bowl as needed.
1 box white cake mix, 1 cup water, 3 large eggs, 1/2 cup vegetable oil, 6 drops pink food coloring
Pour batter into the prepared pan and bake for about 25 minutes, or until a toothpick inserted into the center comes out clean or with a few moist crumbs.
Allow the cake to cool completely, then place it in the freezer until chilled.
In a mixing bowl, beat butter and cream cheese until smooth. Add powdered sugar, vanilla, and pink food coloring. Mix until thick but spreadable.
Crumble the chilled cake into a large bowl. Add 2 tablespoons of frosting and mix until the crumbs hold together when pressed. Add more frosting if needed.
Scoop mixture into even portions and roll into balls. Place on a parchment-lined baking sheet.
Freeze the truffles while preparing the coating.
Melt the candy coating in a microwave-safe bowl in 20-second intervals, stirring between each, until smooth. Tint with food coloring if desired.