Like Manupix pointed out, that's a ton of extra colors! Looks like you could optimize the pallett pretty easily though.
While I don't think that it was 100% hand-pixelled, I think there's very clearly a strong level of skill/artistry in the work regardless. I can't say that this bothers me. The lines are well done, has a nice design and the shading is competent... It's also in a pretty convincing sprite style.
I think it still feels like pixel art, even if the color count is super high.
Not sure this is entirely hand-pixeled: 336 colors, most of them in the messy high-detail areas such as eyes. 
that is amazing