If the object were less dense, solid and ,was floating. The mass of water displaced would equal the mass of the object (archimedes principle). If the object melts, the density of the object and the solvent (water I presume) would be mixed and become lowered. If density decreases, then volume must of increased
If the object were more dense, the object would sink because of buoyancy. So, if the object were to somehow melt, the density and the water mixed, so density increases, and the volume must decrease!