What is happening when your fire belly toad is blown up like a balloon and shedding?

When a fire-belly toad appears inflated and is shedding, it is likely experiencing a combination of stress and shedding its skin. Toads can puff up as a defensive mechanism to appear larger and deter predators. Shedding, or molting, is a natural process in which they remove their old skin to allow for growth and maintain healthy skin. If the toad remains inflated for an extended period or shows signs of distress, it may require veterinary attention.