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 hits you with a blast of pure optimism in "Estamos Bien" ("We're Good"). Starting with the simple, catchy chant "No hay nada mal, estamos bien, está to' bien" ("Nothing is wrong, we are good, everything is good"), the Puerto Rican star celebrates making it from zero to having hundred-dollar bills to spare. He brags about flying private and wearing ice on his neck, but he keeps his feet on the ground by laughing off local gossip with "que se joda" ("screw it"). He mixes luxury with everyday island reality, joking that he drives his fancy Mercedes through Puerto Rico while "cogiendo boquete" (hitting potholes).
What makes this track special is that it is not only about the money. He reminds you that you can be good "con o sin billetes de cien" ("with or without hundred-dollar bills"). He delivers a dose of real perspective with lines like "Aunque pa' casa no ha llegado la luz / Gracias a Dios porque tengo salud" ("Even though the power hasn't come back to my house / Thank God because I have my health"), pointing right to the real-life power outages back home. As long as his mother gives him her blessing ("después que mami me eche la bendición"), nothing else can bring him down.