If you moisten your fingers, then smear one of those frass pellets, you'll see that they are really green and not black. Highly concentrated recycled bean leaves.

Jonathan, An interesting observation. Not sure what 'tip' means. Probably you did not mean those dormant 'scale shields' that first drop off at dormancy break, cannot remember the right technical term. Just went out to inspect all my figs trees. Noticed some that fit your description. At this early stage of spring, I noticed some figs with 'still tightly' held buds that looked reddish. On very close examination, I noticed that it is ACTUALLY the underside of the (very young) curled leaves that FIRST shows up, together with their underside veins! This is what gives the 'tip' the red hue. No contradiction here. Then the leaf flips over and the vein red color fades, as it matures. This is what I observed: My 2 HCs (sources: EL and Hartmann) showed it. Sal's (EL) showed it. VdB (EL) showed it. My #4 unknown (Ta Cenc) showed it (wonder what this fig really is!). My #2 (MOST obvious, also observed by Herman last year) and #5 unknowns (supposedly of the Mission fig type) showed it. All other figs none... Specifically looked at the Black Mission and Vista Mission young figs (both) from Jon, and neither showed it! They may in a more advanced leafing out stage. However I did observe the the Vista breba start as a bead-sized, shoe-polish-black color, and then fade away as the figlets grows... George (NJ).

Those leaves looks really water logged; any succulent needs to be in well draining mix, and receive as much light as possible. If the roots and/or stem is rotted, rot will spread up the stalk very fast. It would help if you get it out of the wet soil, get all of it off the roots and see if there are any, and what condition they are in. The stem looks still green, but also check to make sure it is not soft/mushy. Pls. indicate your general location to get better answers...(it would be best to post it next to your name).

post a pic please ... need an ID before we can tell you what to do ... take one to a sheet of white paper .. and smear it.. is it actually green?? if so.. caterpillar poop ... look for such ... its probably the same color as the veg ... though i am surprised you dont mention any leaf damage ... ken