Ghost chains are operational blockchains that lack real-world usage, development, or community engagement. They show signs of inactivity such as stagnant developer activity, low transaction volume, and inactive communities, often fading into obscurity. Even initially promising projects like Diem and KodakCoin can become ghost chains if they fail to maintain user engagement and growth. To identify ghost chains, investors should examine transaction data, check decentralized application (DApp) activity, assess GitHub updates, monitor community engagement, and review token performance. Red flags include diminished developer commits, outdated websites, low transaction numbers, and exchange delistings. While some inactive chains may revive, most remain permanently stalled, contributing to investor losses, wasted resources, and security risks. Awareness of these indicators is crucial for navigating the blockchain landscape effectively.

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