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Shiba Inu, a puppy, has risen 367 percent in a week to become the 12th largest cryptocurrency.

After a tweet by Elon Musk, the CEO of Tesla and SpaceX, the Shiba Inu token, which was created as a meme to fight with Dogecoin's original meme token, rose 367 percent.

Shiba Inu, a meme cryptocurrency based on another meme cryptocurrency, is causing a stir in the crypto world. In just a week, the token climbed 367 percent to become the 12th largest cryptocurrency.

The SHIB token has surpassed holdings such as Litecoin and Avalanche's AVAX in cryptocurrency market value, according to CoinGecko prices.

Ryoshi, the creator of the token, only produced it a year ago. It was viewed as a competitor to Dogecoin, a fellow meme coin that was gradually becoming serious. The Shiba Inu, a Japanese dog breed, is featured on both tokens. The SHIB token features the image of a Shiba Inu puppy, whereas Dogecoin used the image of the infamous Doge meme.

A tweet from Elon Musk, the CEO of Tesla and SpaceX, has fueled the latest Shiba Inu rally. SHIB was launched when the billionaire tweeted a picture of his own Shiba Inu puppy, Floki Frunkpuppy.

Musk's comments have had a significant impact on the cryptocurrency market, particularly this year. His comments on Bitcoin, Dogecoin, and the SHIB cryptocurrency have caused price swings in both directions.

The announcement that Tesla will accept Bitcoin for automobile purchases sparked a bull run for the cryptocurrency earlier this year, when Bitcoin prices peaked at $64,000. However, his later rejection of Bitcoin due to its high energy costs triggered the cryptocurrency fall.

The rapid spike in price of SHIB token occurs at a time when the wider cryptocurrency market is also performing strongly. Bitcoin has risen by 30% and is now trading above $50,000 for the first time in months, while other major crypto tokens such as Ether have also risen.

When Vitalik Buterin, the millionaire and founder of the Ethereum cryptocurrency, donated 50 trillion SHIB tokens to a crypto relief fund for India's COVID-19 relief efforts during the terrible second wave that wreaked havoc on the country, the coin gained recognition in India.