Should I worry about this bump on my penis?

I've recently noticed this small reddish-white bump on my penis. It has not been bothering me; however, I've recently had the same looking bump earlier and it has gone away. What is it? And should I be concerned?

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To me it looks like a pimple. Do not pop it all that will do is make it worse. Just leave it along and let it go away on it’s own…Ken