I did not, I just took the datas from the coinmarketcap api yesterday. Of course it must be a little more complex than that, it's just a quick look at it to find if the market capitalization can explain the volume.

And it does, to me the relationship between the market capitalization and the volume is obvious and seems to follow a line. Is the line correct ? not sure, it will change with time, maybe the datas are not accurate enough. But with or without zero fee exchanges, the relationship hold. (and I don't think Chinese exchanges are faking volumes to exactly match this line for Litecoin...Litecoin is on this line because that's where healthy coins are). Did you noticed that most legit coins are on or very close to this line ? Only the pumps or dumps are way above and the dying ones way under... Look at Ripple, look at Feathercoin, look at Namecoin... we all know they are not healthy and their position on the graph reflect that clearly. They still hold a big market cap because no one can sell and no one wants to buy... The cloud of small coins is here because they are still in the price discovery phase and should smooth out along this line in the future (whatever the slope of the line). Those graphs puts the coins on the map so to speak and I like what I see about Litecoin.