This week, Dogecoin's Shiba Inu dog replaced Twitter's blue bird as the social media company's logo, boosting the meme coin's market value by up to $4 billion.

The token, which was created in 2013 as a parody of the cryptocurrency craze and serves no practical purpose, increased in value from seven cents to 10 cents around 1500 Eastern Standard Time (EST) this week after Elon Musk said in a tweet that he had kept his promise to replace the social media app's logo with the dogecoin dog.

Dogecoin is currently the seventh-largest cryptocurrency, with a market valuation of $13.7 billion, according to the informational website CoinMarketCap.com. Before the news, it had a market worth of almost $10 billion.

Musk, who is the second-richest person in the world according to Forbes, is a vocal supporter of cryptocurrencies and has historically had a significant impact on the price of dogecoin and bitcoin.

As Musk, known as the dogefather by retail traders, finalized a $44 billion deal to acquire Twitter in October, the price of Dogecoin more than doubled.

Particularly after changing the blue bird logo of Twitter to the doge meme of the Dogecoin cryptocurrency, the dogecoin’s value shot up.

Musk also tweeted the Shiba Inu-faced doge meme on his Twitter account, which shows him telling a police officer who looks to be checking at his driver's license that his picture has been changed while driving.

The Shiba Inu doge image, which was created in 2013 as a joke to spoof other cryptocurrencies like Bitcoin, serves as the well-known logo of the Dogecoin blockchain and cryptocurrency, which is crucial to note.

The shiba inu token, a spinoff of dogecoin which trades in fractions of cents, rose 5.6 percent to $0.000014.