This is pretty cool! I like the design of the character, the size, and the color palette.
I hope you don't mind a critique...
I feel the shoulder of his right arm, on the inside, is too strongly defined. I mean, I think you shouldn't have it be that dark outline color all the way to the top. I think it would be improved if the top one to three pixels were lightened.
The next problem is with the perhaps too vertical line through his chest. I think it could be staggered just a little in places, perhaps starting with the line in his pecs (or part of the line) moved to the right one pixel.
The leg and knee just doesn't look right, and part of the problem may be with how all the muscle definition and detail just stops around the upper thigh/groin area. It might help to have some of this area in shadow, maybe putting some of his lower abdomen in shadow, too.
The shading and lines defining his leg muscle make it feel a bit too distinct from the underside of his upper leg, and something seems too thick.
That said, all this would go unnoticed if this sprite was animated, which would be pretty darn cool to see :)
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