Penguin Slap Or?

Just a little background:
My homepage was ranking in top 3 for most keywords. After penguin 3.0 my homepage disappeared from the search completely now. What happened now is that my inner pages are starting to rank instead at position 50-60 for the same keywords. My homepage has 95% of the links in my link profile.

However the keywords that the homepage was ranking for were the inner pages keywords so the homepage was just an introduction with a button saying "read more".

Could it be that its not a penguin slap but something else instead? Does penguin penalize the url only and not the domain?

Seems to be happening to me on one of my domains also. Any advice out there?

No, search engine is just displaying the page with appropriate content. The bots are crawling the page that has the link that is coming from the homepage.

Ya one of my site has same issue

If this happened at the same time as Penguin 3 rolled out, then I think it's fairly safe to say that you've been slapped by Penguin. The Penguin penalty is page specific, so your homepage is obviously considered to be over optimized which is obviously in large part due to the heavy backlinking you've done to that page.

This happened to me as well is there anyway to recover from having an algo penalty? My keywords were on the 1st pages of google and now after the update I took a massive nose dive to nothing and then in 1 day my keywords started rising in the serps again. however I cant seem to get past position 40 - 30 with my kws. When they do take a sudden rise to page 1 they are slammed back down again.
My site is naturally white hat which has received awesome links from high auth sites, completely stumped on why I got hit.
Checked my back links and all that other stuff and it dosnt seem to add up.

I guess google has done it again. I've been experiencing it also to my several sites.

Penguin looks at two main BIG things.

#1 - Do you have unnatural links from other sites? These can be in the form of having links from the sidebars of lots of sites instead of the content areas. Having links from comment pages in large amounts instead of just 5 or 6 relevant ones. Are your links from sites in other languages with your linking text in English?

#2 - This one is actually more like 1-b because it also has to do with unnatural linking. Penguin 3.0 is looking at the ratio of your keywords. So lets say you have RedVelvet.com and your links look like this:

10 pink pussy
9 big tits
8 sweet cunt
5 red velvet
4 redvelvet.com
3 stinking pussy
1 hxxp://redvelvet.com

That would get you filtered to page #6 for the keywords of pink pussy, big tits, sweet cunt and you MIGHT get to keep sinking pussy.

What you should have had was:

12 Red Velvet
8 redvelvet.com
5 hxxxp://redvelvet.com
1 pink pussy
1 hot pink pussy here
1 she has a hot pink pussy
1 super huge tits
1 big tits girls
1 girls with really big tits
1 the smell of a sweet cunt
2 more sweet cunt here
1 live girls with sweet smelling cunts
1 more on Red Velvet
1 watch the entire video at redvelvet.com
1 hundreds of stinking pussies on redvelvet.com
1 stream videos of stinking pussy

And so on...

Can you get out of the ban? Yes... But it will take until they rerun the filter. The filter is there, in place, set, not going anywhere until it gets rerun again. That can take months to 1/2 a year to a year.

For me it seems like a problem with optimization and internal linking, not with the Penguin update.