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Shrink/reduce/compress image sizes

Install via homebrew:

brew install pngquant oxipng

Reduce image to a maximum of 50 colors:

pngquant --quality 20-50 image.png

Then apply oxipng:

oxipng -o 3 -i 0 --strip safe *-fs8.png

The -o 3 defines level of optimization (4 is the highest recommended).
-i 0 causes it to remove interlacing - “Interlacing can add 25-50% to the size of an optimized image” according to the README. --strip safe strips out any image metadata that is guaranteed not to affect how the image is rendered.