A shriveled caudex is indeed an indication of a thirsty plant! Try watering it a bit more often or watering it deeper—in other words, make sure that the soil gets properly soaked at each watering (but still allow it to dry out between waterings).
Note that if your area experiences a noticeable winter season, the plant could also just be going into seasonal dormancy, which means that it won’t need as much water as it does in spring/summer when it’s actively growing. Still, the trunk should have a fuller appearance, so find a watering schedule that brings the plant back to a healthy-looking state.
A shriveled caudex is indeed an indication of a thirsty plant! Try watering it a bit more often or watering it deeper—in other words, make sure that the soil gets properly soaked at each watering (but still allow it to dry out between waterings).
Note that if your area experiences a noticeable winter season, the plant could also just be going into seasonal dormancy, which means that it won’t need as much water as it does in spring/summer when it’s actively growing. Still, the trunk should have a fuller appearance, so find a watering schedule that brings the plant back to a healthy-looking state.