Position racks in the upper and lower thirds of the oven; preheat to 250 degrees F. Line 2 baking sheets with parchment paper.
Beat the egg whites, cream of tartar and salt in a large clean dry bowl with a mixer on medium speed until foamy. Increase the speed to medium high and beat until thick and opaque, about 1 more minute. Gradually add the confectioners' sugar, about 1/4 cup at a time, and beat until stiff shiny peaks form, about 5 more minutes.
Transfer the meringue to a pastry bag fitted with a large round tip. Pipe about seventy 1-inch drops on the baking sheets, pulling the bag up to form a peak; leave space between each. Bake at 250 degrees F until dry and crisp, about 3 hours. Let cool completely on the baking sheets. Store in an airtight container in a dry place for up to 1 week.
Combine the white chocolate chips and coconut oil in a microwave-safe bowl; microwave, stirring every 30 seconds, until melted. Dip the bottoms of the meringues into the white chocolate, then dip in red sanding sugar; let set on parchment.