Preheat oven to 350 degrees F (175 degrees C). Line 24 muffin cups with paper muffin liners.

Beat white cake mix, 3/4 cup pink lemonade concentrate, water, vegetable oil, egg whites, and 4 drops red food coloring together in a bowl with an electric mixer on low speed for 30 seconds. Increase speed to medium and beat until batter is smooth, about 1 minute more. Pour batter into prepared muffin cups.

Bake cupcakes in the preheated oven until a toothpick inserted into the center of a cupcake comes out clean, about 25 minutes. Transfer cupcakes to wire racks to cool completely.

Beat confectioners’ sugar, butter, 1/4 cup pink lemonade concentrate, and yellow food coloring together in a bowl with an electric mixer until frosting is light and the desired consistency. Spread frosting onto cooled cupcakes.