Understanding Volume on exchanges

[bittraffic]

I can see some pair has low volume while i think there are tons of users supporting the coin. Just what does volume actually mean?
in the BTC/ANS pair volume is only 11 BTC in bittrex, does this mean that those users holding ANS inside bittrex does have ANS in their wallet and combined worth 11BTC?

[freebutcaged]

It works like this, as long as people buy a coin the volume will go up and when they start to sell volume goes down, there is nothing too complicated about that.

[bittraffic]

It works like this, as long as people buy a coin the volume will go up and when they start to sell volume goes down, there is nothing too complicated about that.

I was just wondering if some whale with tons of ANS deposited in bittrex worth more than 11 btc can manipulate the market easily buying and dumping while also accumulating ANS, its like buying cheaper ANS and its possible that the team can also do it themselves.