Even though I like pink a lot, I would not go as far as using dye to color a pet pink. (Especially not if this could hurt the pet in any way!)
But some people think it is a good idea:
If you are thinking of doing this (even though I would strongly encourage you NOT to!), please make sure only to use safe chemicals that can't hurt the fur, skin or the eyes of your pet!
(pic form Jennie)
