Currently, CS2 is the most-played game on steam.
I'll check that graph on February 1st
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Hey, people. It's a close call, but Palworld is winning. Right now, it is the first on the list. Current players and peak today.
Thanks for your question. I should have specified the ranking that I'm gonna use. However, right now, both numbers are higher for Palworld, so it doesn't matter.

This market has been a fun ride for me. I got in on Jan 28th, at 28% with YES, sold it on 31st at 97% and bought a bit of NO at that point as well (looking at SteamCharts with Palworld losing 200k players per day).
both options in the dropdown menu show CS in the #1 spot. Since the question is about "most played" I think it has to do with some calculation of (number of players * average play time) but I'm not certain. There's a number of different way you could interpret it, but neither of the lists are sorted by "Daily peak" if you look down the list further. Since the chart/graph was cited as the criteria, I think it's gotta be CS.
@Herc then the question is still which of the two options from the dropdown menu counts (at the moment, both lists show different games for the #1 spot but they are so close that it might change again before market close)

Which number will you use to resolve: current players or daily peak? Daily peak will definitely be Palworld, but it looks like the amount of current players will be really close and mostly depend on when exactly you check.
(FWIW I interpreted the question to mean "which game will be shown as #1 on the steam page", i.e. current players, but I wasn't sure about it)