There are many exchanges that are faking volume. Some reports show that there is up to 90% wrong volume reports. With market developing i am sure there will be more strict rules and penalties.
I think this is the next step in crypto for further development.
There should be some index be issued based on volume to track real volume of top 10 or top 20 exchanges who should be then monitored by some external company.
I hope also CoinMaketCap will take this issue into consideration soon enough to get some real data on smaller exchanges as well.
I don't really get why some exchanges fake the volume of a coin. Maybe they are paid or so to make high volume and increase the hype for investor to consider buying the coin. Anyways, your right, cmc should consider looking at this issue seriously.