Line a 9-inch pie plate with plastic wrap, leaving an overhang. Lightly butter the plastic wrap and set aside.
Melt the butter in a medium saucepan over low heat. Add the marshmallows and stir until melted and smooth, about 3 minutes. Tint bright orange with food coloring. Remove from the heat and stir in the cereal and coconut until well coated. Transfer the mixture to the pie plate. Fold the overhanging plastic wrap over the mixture and press to evenly pack into the dish. Let cool until firm, about 1 hour.
Meanwhile, cut the sour apple twists into 3-inch pieces. Using kitchen shears, fringe the candy, leaving about 1/2 inch connected at one end.
Invert the cereal treat onto a cutting board and peel off the plastic wrap. Cut into 12 wedges. Make a hole in the rounded edge of each wedge with a skewer and insert the candy to look like a carrot top.