As you can see, the number does keep going up, but in increments that clearly indicate more players joining the fray. [Note: Not pictured here, read source for pictures.]

If things keep up like this The Conduit can see a very long life cycle on the Wii, much like how Halo 2 is still the number 1 most played XBOX game (but probably won't match that unless online begins booting players with a large ping to allow a better experience for those who are closest to the server and if they start putting more servers around the world and spreading them out a bit).

Source