They're based on red velvet cake - and the red color was originally due to the interaction of the cocoa powder and other ingredients. Most cocoa powder since the 1830's is made by treating it with alkali; this process results in a cocoa powder that doesn't turn red like the older process powder did.
The red in the red velvet cake has gone from the original chocolate red to day-glo red from food coloring :)
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(Still a nice novelty, and pancakes are always nice, anyway, but they'd be even nicer if the red was due to an actual ingredient.)
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The red in the red velvet cake has gone from the original chocolate red to day-glo red from food coloring :)
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