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Each item here is compared against its own trailing 30-day average volume, not against the market as a whole. That is the only comparison that means anything: 50,000 trades a day is quiet for a common rune, and extraordinary for a rare weapon. The multiplier shows how far above its own normal an item is trading.
Volume spikes are usually the earliest visible sign that something has changed. A game update, a new money-making method going public, a change to a drop table, or a popular streamer using an item will all show up in volume before the price finishes moving. That makes this list a good early-warning surface even when the price column looks unremarkable.
A minimum baseline applies, so an item going from 2 trades to 20 does not appear as a 10x spike. Ratios like that are noise, not news.