any idea on the reason behind this major dip happening right now?
Seems like panic selling but that is what I mentioned. If you dont market on the public side then one single drop can cause a domino effect. So I really hope they start to do some more for the public because this drop costs me massive amount now which is a big issue (now) even if it gained 500%, the issue is that this sends a signal while most altcoins rise like crazy.
A good dip is allways a chance to buy more, possibly lowering your entry price. You only loose if you panic and sell.