I'd say there's a very good chance you're right.

From article:

He said the term “coconut” was a “well-known racial slur which has a very clear meaning” to the effect that “you may be brown on the outside, but you’re white on the inside. In other words, you’re a race traitor – you’re less brown or black than you should be.”

That's a different definition of 'coconut' than I hear here in NZ. Here it's usually just a (derogatory) term for any Pacific Islander, because they come from where coconuts come from.

Gotta love slang/slurs.

Oh definitely. I wanted to see the cartoon depiction though.