Volume means a lot. But you can't evaluate a coin only on that aspect.

This is one of the first thing I look at, but you can't evaluate short term trends as it's been said, shit coins can get there with a few days hype, or pumps. However, if you look at the big picture, and see a constant flow of money in a coin, yes it does mean a lot.

Just don't take it as the main and only factor.