Algarete is a popular Puerto Rican slang word that means 'wild', 'erratic', or 'without a care'. It comes from the French phrase "aller à la garrette", which means to go adrift.
In the song, Bad Bunny sings "Hoy ando algarete" (Today I'm wild/carefree) to describe his state of mind. He's celebrating his success and ignoring any negativity, feeling joyful and unrestrained, much like a graduate tossing their cap in the air.
Bad Bunny's "Estamos Bien" is a massive celebration of making it. The main idea is right there in the title: "Estamos bien" (We're good). He repeats it over and over, not just for himself, but for his whole crew: "To' los míos están bien" (All my people are good). It's a song about coming from nothing—"empezamos desde cero" (we started from zero)—to having so much money it feels like rain: "El dinero me llueve" (Money rains on me).
He's not shy about the details of his new life, listing private jets, diamond chains—"En el cuello tengo hielo" (I have ice on my neck)—and spending without a worry. But it's not just about the cash. It's about a state of mind. He wakes up happy and couldn't care less what people say about him: "Aunque dicen por ahí que están hablando de mí / Joda, que se joda" (Even though they say they're talking about me / Fck it, fck it). The most important thing, he says, is health and his mother's blessing. He even points out that he'd be fine "Con o sin billetes de cien" (With or without hundred-dollar bills), but admits that having them is pretty great.