If a druid Wild Shapes and merges with a telepathic sentient item, will the item’s telepathy be suppressed?

Suppose a druid is in possession of a sentient magical item that possesses telepathy. If the druid wild shapes and chooses to merge the item into their form, will the item’s telepathy be suppressed? The rules say, “Equipment that merges with the form has no effect until you leave the form.” Is telepathy an “effect”?