"Pepe" is a nickname for Joseph, like Joe. "Repepe" is meaningless, but could translate to "Re-Joe". So the first line could be read as "Joe, Re-Joe".

Notes

*Pepe is a pet name for Joseph, "repepe" is something like "re-joe" and has no real meaning.

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This song can also be used to jump rope.
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Thanks and Acknowledgements

Translated by Monique with Lisa.

Grazas!