I suggest you go over history of NWT/MULS chart. There are plenty, PLENTY of occassions where decent money has been traded. To make it easier for you checkout April and May, July 08, in particular August/September 07 where there was massive volume.
Unfortunately your theory is very flawed and I'd be very careful about making assumptions purely on increased volumes. Again this doesn't detract from the company potentially being a very good trade right now.
NWT Price at posting:
30.0¢ Sentiment: None Disclosure: Not Held