Bake the red velvet cake according to the instructions on the box or recipe. Let it cool completely.
Crumble the cooled cake into fine crumbs and place them in a large mixing bowl.
Mix the cake crumbs with cream cheese frosting until the mixture forms a dough-like consistency.
Scoop out portions of the mixture and roll them into small balls. Place them on a parchment-lined baking sheet and chill in the refrigerator for 1–2 hours.
Melt the white chocolate chips or candy melts in a microwave-safe bowl in 30-second intervals, stirring after each, until smooth. Add coconut oil for a thinner consistency if desired.
Dip each chilled truffle into the melted white chocolate, ensuring it's fully coated. Use a fork to lift the truffle and tap off the excess coating.
Place the coated truffles back on the parchment-lined baking sheet and garnish with red velvet crumbs, sprinkles, or edible glitter before the chocolate sets.
Let the truffles set at room temperature or in the refrigerator until the coating is firm.
Serve immediately or store in an airtight container in the refrigerator for up to a week.