Quite frankly, yes I think there are too many... you literally have obscure ideas in some cases with 2-3 different coins trying to disrupt the same idea... and half the token's ideas have no business being on a blockchain.. and of those 50% left, 25% of them have tokenomics that doesn't make any sense (use this token over bitcoin or eth), its ridiculous. This is the best parts about bear markets though is scammy projects that did nothing for a year will run out of money and stop development... it hurts the investors.. but unfortunately not all tokens in this space can be profitable.