Drop in Ranking - Is this common?

shkomy

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Ranking for keyword dropped significantly, around 50 spots.

This is what happened:

I took over a site that's over 1 year old, quality content, but has very little off page SEO done
At first, In GSC, Links to your Site, there were only 8 links
Started building links for about 1 month
After that, published a new page and set it as home page
Went to GSC, Fetch as Google, and did Fetch and Render, and requested Indexing of the home page
Couple days later number of links in Links to your Site went up to 56, and rankings dropped, a lot

When I type in google search "sitedomain" (without .com), site shows up on 1st page
GSC, HTML Improvements: We didn't detect any content issues with your site.
GSC, Manual Action: No manual webspam actions found.

Did the drop happened because google discovered around 50 new backlinks at the same time, even though they were build over 1 month time?
Are these things common, and should I do something or just wait and see?
This happened couple days ago.
 
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