Melt chocolate chips and coconut oil together in microwave, using 30 second increments. Stir between rounds until chocolate is smooth.
Cover a baking sheet with parchment paper. Separate the Peeps and dip each one into the chocolate. Try to cover the marshmallows to where they were separated.
Place the chocolate dipped Peeps onto the parchment paper with a little space between so the chocolate doesn't have to be broken apart later.
If you have excess chocolate, drizzle a little over the Peeps, just for fun.
Refrigerate for one hour or until chocolate is solid. Store in a Ziploc bag or airtight container so the Peeps don't get too stale... if they last that long.