Another thing not to forget is that the penny markets are full of momo players and flippers. Successful momo players and flippers know not to wait for the top; they get out while the getting's good and they can make a profit.
EIGH's stock price had risen out of all proportion to the actual value of the company. When that occurs, there will be a correction, no matter what. And it'll probably be accompanied by high volume. When the momo traders leave, there's always a rush for the exits.