Elon Musk doesn't own SHIBA simply because the coin is full of sh*t. It's all about hype without providing real use cases to the mainstream world. The same can be said about Dogecoin, although this old cryptocurrency has its own blockchain network with strong community support. Remember, "not all that glitters is gold". There are thousands of cryptocurrencies striving to reach the top, but only a few are well worth the investment. SHIBA is not one of them, simply because it lacks active development and innovation. Not to mention, there are many coins in circulation on the market right now. The bigger the supply, the less valuable the asset in question will be. In crypto land, anything's possible so I wouldn't be surprised if someday Elon Musk change's his mind about SHIBA. Just my thoughts
Uh...maybe you need to check SHIBA again to update your thoughts(?).
"lacks active development and innovation"
-Coin burning,
-SHIBASWAP,
-Staking,
-NFTs,
-DeFi (though much in infancy).
DOGE doesn't have half of this (SHIBA was introduced as the DOGE killer).
I'm not saying that it's the next Solana or anything but your statement lacks one major thing: a basis in reality.