Fits the theme rather well, the choice of music is very fitting, and it's a neat idea to make a 2 player game for a jam like this, definitely stands out from the rest thanks to it.
Two suggestions I'd have is the sound when you hit the corals is very quiet compared to music so it could use some boosting or a visual indicator that you hit them. Secondly, I feel like the player hitbox could be smaller because so it's closer to the width or height of the sprite. And you might want to fix the level generation - there are white squares visible on top and bottom sometimes.
Nonetheless, very cool project, that stands from the rest with its idea <3