What to do when you realize there are tons of similar products to yours?

A month or so ago, I launched https://yappir.com on this platform. When I was about to finish it, I came across a similar product and my first reaction was, "Great, this means there is a market." A month later, it became a very saturated market with similar products. Part of me thinks that maybe I should move to another product, while the other part thinks that it is useful and I should keep building features, hoping that my competitors would throw in the towel first. What would you do?