The Bottle of Soda is a three part item, all of which have completely different properties. In order of moves, they function as this:
Pop Off: The cap of the bottle shoots up to approximately two Lucas Snake tethers pointed upward. The stream behind deals non-stun 1% each second in, while the cap of the bottle deals 10% and has small stun.
Slurp: You consume the content of the bottle, healing 8.6%.
Chuck: Having no use in the bottle now, you throw it. Throw speed, it goes about as fast an far as a Beastball, just without the teleporting and only dealing 6%.
Trivia[]
In earlier footage, a label saying "Cola-Coca" can be seen on the bottle. However, in later media and in the game the label has been removed to be a more generic soda not even having a name.