Ehh, the dip buying is a bit more of a PR move in my opinion. He "only" bought 150 BTC, which is more or less $6.8 million. Whereas while El Salvador is definitely not a powerhouse country levels of wealthy, I don't think that $6.8 million will make a significant dent on their balance sheet.
That sounds right, they are holding bitcoin and now they are participating in the speculative game. They would ring a bell to the people as they are a country, but their holdings is not huge enough to be one of the whales that could result in significant market movement everytime they buy.