MeWe
No-ads, no-algorithm social network for privacy-minded users, now pivoting to Web3 tokens.
The call
MeWe sits in a niche Meta cannot easily copy, but four years of flat user growth and an unproven token pivot leave its future resting on execution it has not yet shown.
MeWe is a social media site that promises no ads and no secret algorithms sorting your feed, unlike Facebook or Instagram. It has stayed at around 20 million users since 2022 and makes very little money per user, so the company is now trying to launch its own cryptocurrency called SOSHI to make money instead. The big question is whether SOSHI will actually work and whether the company can finish raising money it started in late 2024; if both of those things fail in the next few months, the company may simply shut down slowly.
Why
01
AI pressure: AI-generated spam and bot accounts flooding unmoderated groups. MeWe's light moderation and 600K+ groups make it a soft target for AI bots and fake accounts that erode the trust its users pay for. Could AI do the core job? Only partly.
02
Bigger players: Meta. Meta could add a privacy mode but its ad business depends on tracking and algorithmic feeds, so a true no-ads copy would cut its own revenue. Could a giant copy it? Probably.
03
What protects it. Meta and other ad-funded giants cannot copy MeWe's no-ads, no-algorithm model without hurting their own core business.
What would change this call
Whether MeWe's Series B (partial $6M close Oct 2024) reaches a confirmed full close within a year. Shows whether investors still fund MeWe's Web3 pivot or the round stalls.
Whether the SOSHI token exits testnet and launches on mainnet with real trading activity. Shows whether MeWe's crypto pivot produces a working, revenue-generating product.
Whether MeWe's reported user total breaks above 21M or drops below 20M in company statements. Shows whether the four-year growth plateau ends in either direction.
Whether the SOSHI token exits testnet and launches on mainnet with real trading activity. Shows whether MeWe's crypto pivot produces a working, revenue-generating product.
Whether MeWe's reported user total breaks above 21M or drops below 20M in company statements. Shows whether the four-year growth plateau ends in either direction.
Key numbers
- 20-21M users flat since 2022
- $4.7M estimated ARR on 20M+ users
- 640K wallets, 439K SOSHI tips sent
Named risks
- Documented ties to QAnon, anti-vaccine, and white supremacist content create app-store and regulatory exposure.
- Core growth bet rests on unproven SOSHI token still in testnet as of June 2026 after an earlier Polkadot strategy was abandoned.
- User base has been flat at 20-21 million since September 2022, showing no compounding network effect.
- Series B round only partially closed at $6M in October 2024 with no confirmed full close or disclosed target.
- Conflicting public records on headquarters location and total funding suggest unresolved corporate instability.
Rivals, as read in July 2026
| Rival | Direction | Evidence |
|---|---|---|
| Meta (Facebook/Instagram) | contesting | Meta cannot copy MeWe's no-ads model without cannibalizing its own revenue, but largely ignores this niche as of 2026 |
| Gab | losing to | Gab has operated since 2016 with an established, engaged conservative/free-speech user base per 2026 vendor claims |
| Truth Social | contesting | Publicly traded rival reported a $328M Q1 2024 loss and only ~6.3M MAU in early 2025, similar scale struggle |
| X (formerly Twitter) | losing to | Mainstream platforms like X dwarf all alt-tech and privacy platforms combined in overall scale as of 2026 |
Questions people ask
- Is MeWe profitable in 2026?
- No public profitability figures exist. MeWe raised only a $27M Series A in September 2022 at a roughly $200M valuation and a partial $6M Series B tranche in October 2024, both earmarked for growth rather than signaling positive cash flow.
- Who owns MeWe?
- MeWe is privately held by Sgrouples, Inc., with McCourt Global as lead investor since the $27M Series A closed on September 13, 2022, and again in the October 2024 $6M Series B tranche. It is not publicly traded.
- Is MeWe growing its user base?
- MeWe has reported roughly 20 to 21 million global users consistently from its September 2022 Series A announcement through 2026 company statements, indicating flat user growth over roughly four years.
- Who is MeWe's biggest competitor?
- MeWe competes with alt-tech platforms Gab, Truth Social, and Minds, plus decentralized options like Mastodon. Truth Social, despite being Nasdaq-listed, reported a $328M Q1 2024 loss and only about 6.3 million MAU in early 2025.
- Could AI replace MeWe's social network?
- MeWe's community groups and no-algorithm feed are not directly AI-replaceable, but its CEO stated in 2026 that AI-generated inauthentic content threatens the platform's authenticity, prompting a pivot to value-transfer tipping as proof a user is human.
- What is MeWe's SOSHI token and is it live?
- SOSHI is MeWe's native token built on the Avalanche blockchain via the Soshi protocol, launched alongside an embedded digital wallet in March 2026. As of June 23, 2026, per Turnkey, it remained in testnet with 640,000 wallets created and 439,000 SOSHI tips sent.
Timeline
- 2026-06-23Turnkey case study reports 640K wallets created and 439K SOSHI tips sent, still in testnet
- 2026-03MeWe removes Like button, launches embedded digital wallet and Avalanche-based Soshi testnet
- 2025Carlos Betancourt named CEO, succeeding Jeffrey Edell, to lead Web3 pivot
- 2024-10-09MeWe secures initial $6M Series B tranche led by McCourt Global for Web3 and AI
- 2024-01-16Amplica Labs and MeWe announce migration of 500K users to Frequency blockchain
- 2023-11-14MeWe and Frequency announce what they call world's largest migration to decentralized social
- 2022-09-20MeWe announces plan to let 20 million users decentralize via Project Liberty's Frequency protocol
- 2022-09-13MeWe closes $27M Series A led by McCourt Global at roughly $200M valuation
- 2021-04-12Jeffrey Edell named CEO; MeWe claims 800% revenue growth in 2020
Revision history
23 July 2026
First assessed. Losing its protection. The text above is fixed as of this date and is not edited afterwards.
In the same band
Sources
- Privacy-Driven Social Network, MeWe, Announces Close of $27M Investment Round (2022-09-13)
- $4.7M Est. ARR, $14.5M Raised (2024-10-16)
- MeWe
- MeWe Secures Initial $6 Million Series B Investment (2024-10-09)
- MeWe Stock Price, Funding, Valuation, Revenue & Financial Statements (2024-10-08)
- Valuation, Funding Rounds & Stock Price
- MeWe® Appoints Jeffrey Edell as New CEO (2021-04-12)
- mewe brings onchain solutions to social networking with Turnkey (2026-06-23)
- Mewe (social media)
- The Safe Network on the App Store
- mewe Kills the Like Button: Launches Digital Wallets...
- Management and Employees List