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fluctuations in rankings happen all the time, so give it a week or so and it might come right.
But it's also possible you have been penalised for aggressive linking (Link vault or receive links perhaps?). I have a couple of domains that have been put back in the sandbox because of too many links, too fast, and with unnatural looking anchor text. And Google is very unforgiving on these domains.
I would concentrate on some other phrases - work on your long-tail traffic, and write some fresh content. If you have been hitting the links hard lately, then maybe spend some time focusing on quality, not quantity. 50k links is a lot for a 10 month old site (unless the content is great). You might well be better off with less links, but more natural looking links.
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