Yes for me since I am using the volume indicator and the Relative Strength Index (RSI) at the same time or neither of the two.
There are a lot of analyses by just looking for volume, there you can see also if it's like the volume is not that good for that pump or breakout.
But since if we only looking for greed on the market, I rather use the Relative Strength Index (RSI), or combination with Volume indicator.