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I don't know why the price even dropped that low to begin with. It should be a solid 1 key item.
I don't know why it dropped that low either probably cause of everyone getting 2 of these
It dropped so low because the market was being flooded with them. People were trying to compete with each other to sell their dupes. Had there not been dupes for this item, it would easily be up there with the G. Quadwrangler,
Unfortunately we'll have to settle with a flooded market. This price however, is good. I rarely see any of these going for less than 2 ref, and plenty of people are trying to sell it for 3 ref - 1.5 keys. Those that are being sold are done so at around the suggested range. Wouldn't surprise me if the price increased even more after some more time passes and the dust settles.
http://www.tf2outpost.com/search/40804844
Still easy to buy these with 2 refined.