Prepare and bake cake mix according to package directions, using a greased 13-in. x 9-in. baking pan. Cool completely on a wire rack.
Crumble cake into a large bowl. Add frosting and maraschino cherry juice; mix well. Shape mixture by tablespoonfuls around cherries. Place on baking sheets; insert sticks. Freeze for at least 2 hours or refrigerate for at least 3 hours or until cake balls are firm.
In a microwave, melt candy coating; stir until smooth. Dip each cake ball in coating; allow excess to drip off. Sprinkle with red pearl sugar. Insert cake pops into a styrofoam block to let stand until set.
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