Unless you added several gallons of MA your pH did not drop from 8.0 to 5.4.
EDIT: We posted at roughly the same time. Sounds like you got it figured out somewhat. I'm personally not a fan of these meters, whether from TFTestkits or not. Color matching pH tests may not be super-precise, but they are accurate and will rarely steer you that wrongly.
The Taylor test cannot read 5.4, so it did not tell you that it was that low. Your pH was probably down around 6.8 or so, a minor overdosage of MA can easily cause that, and then brought back up to 8 with some aeration.
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