Answer
It is decreasing.
Work Step by Step
Just before the toaster is turned on, the Nichrome wire is at room temperature. When the switch is flipped on, the wire starts to heat up. The resistivity of Nichrome and hence the wire resistance increases with temperature. Assuming the average voltage doesn’t change, increasing the resistance will decrease the current.
Once the Nichrome reaches its final temperature, which happens fairly quickly, the current levels off.