Elon has said that he holds no SHIB. Is that true? Who knows... Elon is a whacko. He is a very smart whacko but still a whacko. A major egotistical whacko. People think that he invented Tesla when actually he just bought part of the company and then forced the original owners out. Yeah, now he's super rich so people admire him. Being rich is not a reason for admiration. The guy is a narcissistic cancer.

As for SHIB as a coin:

Let's relate this to DOGE since the two will always be associated. DOGE had Elon and Mark Cuban involved ...TWO narcissistic whackos. DOGE really doesn't have that much else going on. There were rumours that DOGE was upgrading and so on but there is never much actual news about them. If nothing else, DOGE showed the degree that a community could power something that was really nothing. DOGE is a copy off of LiteCoin which is a copy off of BitCoin. It could still develop into something because many people hold it but there are so many projects out there which have real function and are still building. It seems like DOGE hasn't really put in the work.

SHIBA INU is much newer than DOGE and has already built an ecosystem. There is staking, trading, DeFi, etc which is all in infancy. They have already spoken of coin burning and with the company caring and paying attention to the price of their coin, they may continue exploring coin burning. More on burning: "SHIB started with a supply of 1 quadrillion, but the Shiba Inu team gave 50% of it to Buterin, who burned most of that in a “dead wallet.”

Recently, the token’s developers tweeted that they “have implemented a burn procedure to reduce” the supply.

Moreover, they revealed a $25,000 SHIB burn that has already taken place"

 SHIBA INU is investing the effort that the DOGE people should have done but didn't. SHIB is a copy off of Ethereum and they seem to be working at it. Who knows where it will end up. For now, it has pumped quite a bit so generally I would analyze that it isn't a good time to buy when something has gone up so much but the thing with SHIB is that it's still so cheap that it can attract many, many buyers so if you are just going to put a little in - why not? Just don't put in money that you can't lose.