Yes. But I bet there were more advertiser paying higher ppc for that specific keyword. Now that your $.30 is gone the combined average ppc is higher and Google visitor will be clicking on one of the remaining higher paying ads.
Everything goes by keyword search level so theoretically a $5.00 keyword could go inactive if there are other advertisers that are paying $6.00 - $10.00. Why would Google want someone to click a $5.00 ad instead of an $8.00 ad?
Of course there is a little bit of randomness to the algorithm thrown in so it doesn't look like an obvious price hike. This way every advertiser has a different story to tell.
It isn't a coincidence that Google beats earnings estimates every quarter.