Crumble the cooled vanilla cake into a large mixing bowl until it resembles fine crumbs.

Add the softened cream cheese, powdered sugar, and vanilla extract to the crumbs. Mix until fully combined and a dough-like consistency forms.

Roll the mixture into 1-inch balls and place them on a parchment-lined baking sheet. Freeze for 15 minutes to firm up.

Melt the pink candy melts with coconut oil in a microwave-safe bowl, stirring every 30 seconds until smooth.

Dip each chilled cake ball into the melted chocolate using a fork, letting excess drip off. Place back on the parchment paper.

While the chocolate is still wet, sprinkle with white nonpareils. Let set at room temperature or in the refrigerator until firm.