Well this is true, shitcoins are appearing out of nowhere and shockingly having a value. The project concepts of some altcoins are just repeatedly introduced in the market, Project teams are just tweaking a little bit of concept and code and proposing it as a new concept project and it is awfully got some investors in it like wth.
It's not saturated but it really feels like saturated.
The centralized exchange are making is saturated, and also the so called new project are just relying on existing code like we both highlighted. When the focus is just fixed on one area to me that can be considered saturation. Basically what happens in the space is, immediately a new trend begin to pick up momentum it because the new go to technology with little or no effort in improving that technology for the betterment of the industry but simply because the easiest way to cashout big by project founders.
Do some research, currently 80% of the project under development phase are DeFi related with no unique feature getting introduced to the current one. Is just getting irritating what the industry is turning into. The evidence are everywhere, the market is saturated.