I hope this does not happen. All the same, Elon has already undermined his reputation, and I do not think that he will be so reckless as to sew another meme.
However, even if that happens, I don't think the market will react overly positively to the current downturn.
Why are you so concerned about his reputation? It has been tarnished already, but sure he still have a lot if supporters and followers. Shilling another meme coin, isn't a far fetched story for Elon, he can and will eventually talk about this sooner, this is the kind of scenario Elon wants to see when people are exercising their risk appetite by putting a lot of money in a meme coin. People loves easy money anyway, so I guess putting enough hype to a coin will do the trick.