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With that big a breath, i think it should move it's head up and back. Take a deep breath and see how your upper body shifts back as your lungs inflate :)
As he inhales, i think the fold below his mouth should disappear, like when a fat dude sticks his belly out he tends to get more rounded and show less folds :)
The hat could have a better defined volume, by better usage of lighting to show the cilindrical shape.
Shadows on the back of the slug should change as the body shape is changed with the lungs inflating.
You have a low contrast shading on the body, but go for complete black on the hat. That steals attention from the body and makes it a bit harder to read. You should attempt to keep the whole palette at the same level, using more contrasting colors only to grab the attention of the viewer to a specific place.
Hope this is helpful!