This video by Todd in the Shadows is probably the most definitive documentary and post mortem on the song in question unless you do what Todd did and pay a Spanish language speaker to do some research for you.
The Spanish group Los Del Rio that came up with it has been around since the 1960s when they were teenagers. In 1993 they first came up with it. In 1995 it made the rounds in clubs and then just faded away. Then a New York DJ played it in early 1996 and by the summer it was an international dance craze. Part of its popularity is that the song itself is pretty good. The other part is that people who couldn't dance to save their lives - and strangely enough that included the one hit wonders Los Del Rio themselves - are able to do this dance.
It was performed at the Olympics, at the Democratic National Convention, and the Super Bowl. I should know I was at the Super Bowl. By the way, go Pack go! And then the song, and Los Del Rio, just petered out as spectacularly as Bob Dole's presidential campaign. But the guys who comprised Los Del Rio have continued to have a good recording and performing career to this day, well into their 70s.
This is probably the most wholesome episode of One Hit Wonders ever. Los del Rio seem like a pair of pretty talented men who have a lot of pride in their culture suddenly picking up random international fame and just... going back home to be national celebrities. Only now they're even richer. No drug induced downward spirals, no lasting resentment over no one appreciating their musical talent, just two honest artists making a charmingly cringe Christmas remix and living life.