Pop'n Twinbee: Rainbow Bell Adventures 1994

You play as either Twinbee, Gwinbee or Winbee. Cooperative play is also available. In this mode the second player takes control over one of the two characters left. Either way your task is to find and defeat the evil Dr. Warmon who tries to enslave the islands of Dunburi. To deal with the many villains Dr. Warmon throws at you, you need to collect colored bells. Depending on the color of the bell you can use different attacks like a laser (blue bells) or a lash (orange bells). But even without the bells you're not defenseless. Your standard-attacks include a shock wave and the ability to fly.