In a large bowl, crumble the cake into fine, uniform crumbs. Add the vanilla frosting and mix thoroughly.
Scoop about 2 tablespoons of the cake mixture at a time and roll into balls. You should have 36 total.
Working with half of the white chocolate chips and half of the coconut oil at a time so the mixture stays melted, combine in a medium bowl and microwave on medium heat in 30-second intervals until melted, about 2 minutes. Stir until smooth.
Dip ½ inch (1 ¼ cm) of each lollipop stick in the melted white chocolate mixture. Insert each stick ½ inch (1 ¼ cm) into the center of a cake ball. Refrigerate for 10 minutes.
Make the cake pop stand: Use a marker to mark 36 evenly spaced dots on the foam. Use a lollipop stick to make holes where the dots are, about ½-inch (1 ¼ cm) deep.
Make the blue cake pops: Working in batches of 3, dip 9 cake pops in the melted white chocolate, using a spoon to help coat. Let the excess drip off. Sprinkle the pops with blue sprinkles. Place the cake pops 3 x 3 (7 x 7 cm) in the upper left corner of the cake pop stand. Note: If the melted white chocolate is dripping down the lollipop stick, allow the mixture to cool for 5 minutes before trying again. If the white chocolate cools too much, microwave for 15 seconds.
Make the red cake pops: Working in batches of 3, dip the remaining 27 cake pops in the melted white chocolate, using a spoon to help coat. Let the excess drip off. Carefully dip one side of the cake pop into the red sprinkle mixture. Let sit in sprinkles for 30 seconds to set. Let dry completely in the stand, with the sprinkles positioned towards the top of the cake stand. Let the cake pops dry completely. Store at room temperature for up to 2 days before serving.