User blog comment:Miskos3/Fairy Tail Episode 228: Wizards vs. Hunters, Review/@comment-24277053-20150411111439/@comment-7418318-20150411120209

I remember having a discussion about it back when the chapter came out.

It was a bit hard to make out, but that speech-bubble with the tiny had an arrow pointing away from Wendy and "out-of-frame". Though I originally thought it was Gray who said the tiny, since the arrow of the bubble pointed to Wendy's left, while Natsu stood on Wendy's right. But on the other hand she was looking in Natsu's direction when asking if someone had said something about her... which I didn't notice back then.

Either way it was quite clear to me that it wasn't Wendy. It wouldn't make sense for Wendy to say "tiny" to herself and then follow up with "Er... did you say something about me just now?"