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.
SHIB is one of the top coins in the market that should never be ignored that is why most of the wise investors today are looking forward for this coin even if the future is still uncertain. And just like dogecoin, Elon will most likely to come in the market and manipulate it again. Its really possible since Elon is more of a greedy person just to fulfill his own desire for profits.
And knowing SHIB has more potentials compared to dogecoin, i know even if it will only be profitable for short term, lot of investors will definitely would not want to miss that chance. So invest in SHIB with caution, meme coins will always be meme coins. Its future is not that certain and reliable compared to well developed coins.