Well when a memory is years old, especially when it's a childhood memory, things can get confused! I'm glad I could help shed light on the memory for you, especially since it was a game I also played quite often in the arcade.
Now that you know the name of the game again, go find a way to play it and enjoy it once more!
Are you talking about Super Buster Bros? One of the characters wears blue, and you shoot upwards to hit red bubbles that can split into smaller ones when hit.
I remember playing it when I was younger as well, and it was two players and you shoot red bubbles. So maybe that's the one you're thinking of?
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