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If the car is burning coolant, the smoke coming out the tailpipe will generally be white or even have no color, depending on how much is being consumed.
Antifreeze level should not drop for any reason - sounds like there might be an air bubble in the system. Which coolant is in the car - is it the factory Toyota Red coolant or the universal green stuff. Hopefully not a mix of the two.
To rule out a blown headgasket - have the oil chemically tested for trace coolant, have a gas analyzer set over the top of the radiator to see if exhaust gases are bubbling through the cooling system. Is suspect is the latter, exhaust gases are leaking into the cooling system, creating the gas bubble. That bubble works is way out and pushes some coolant out to the recovery tank.
Quick way to check is to verify coolant level at the radiator. Then fill the coolant reservoir tank to the 1/2 way mark. Drive and see if the coolant level in the reservoir tank has changed (after the car as cooled down).
If there is more coolant there, then exhaust gases have pushed the coolant out, likely have a blown headgasket or other cooling issue. If there is less coolant in there, then the engine is consuming coolant, again possible blown headgasket or other cooling system failure.
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2002 Corolla S, 1.8L 1ZZ-FE VVT-i
2003 Matrix XRS, 1.8L 2ZZ-GE, VVTL-i (RIP)
2009 Matrix XRS, 2.4L 2AZ-FE VVT-i
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