From the Super Mario Wiki, the Mario encyclopedia
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The Peepa Bell is an item in Super Mario Party that resembles a Peepa with a handle on its head. When used, the player can choose who to use it on; then, the player uses the Peepa Bell to call a Peepa. After that, in the next turn of the player that was chosen, the Peepa chases them and takes one Coin from them each time they move.
Additionally, the Golden Drink cannot be used when the player is under the effects of the Peepa Bell.