Take any public company on an exchange.
On this exchange, Person A sells one share of this company to Person B for
$X, then Person B sells the specific share he bought from Person A to Person C for
$Y. The key thing here is that Person B sold the share he bought from Person A, and not some other share that he had been holding up to this day.
From that group of transactions, is the volume accumulated equal to
$X + Y?
I've read the definition of Volume, but it is unclear to me about whether any intermediate holder of a specific share is counted towards the amount of times that it "changes hands over some period of time".