Actually not in this case.
In meteors, it indicates speed. Blue is the fastest, red the slowest.
Meteors don’t oxidize, like wood in a fire. They just heat up to a melting point and vaporize. The faster they are coming in, the closer to blue they get.
I saw an Orange one a few years ago. We were at our dark sky site and it started off as a nice meteor, then, it flared out and turned Orange! It was seen all over South Georgia and North Florida.
http://leonid.arc.nasa.gov/meteor.html
Colors of meteors The color of many Leonids is caused by light emitted from metal atoms from the meteoroid (blue, green, and yellow) and light emitted by atoms and molecules of the air (red). The metal atoms emit light much like in our sodium discharge lamps: sodium (Na) atoms give an orange-yellow light, iron (Fe) atoms a yellow light, magnesium (Mg) a blue-green light, ionized calcium (Ca+) atoms may add a violet hue, while molecules of atmospheric nitrogen (N2) and oxygen atoms (O) give a red light. The meteor color depends on whether the metal atom emissions or the air plasma emissions dominate.