Volume means many people are selling, and many people are buying. Everybody on the forum I've read about so far is either dumping or holding.
So who is buying ?
This price doesn't mean anything now, because most exchanges still haven't enabled their BCH wallets, so only people who held BTC on those exchanges and got BCH credited to their accounts can sell. Basically, it's not open market yet.
As for who buying - the answer is speculators, crypto markets are well knows for their volatility, so bubbles, pumps and dumps are nothing new. Rememeber, shitcoins rise and fall, Bitcoin is here to stay.