Given that amount of masturbating you have been doing there are two main things that can occur: there are many tiny blood vessels in the area and one may have leaked some blood. The other is that some of the skin has punctured and because of the activity is is unable to heal itself as it normally would - you could have both things going on.
I would suggest you take a masturbation holiday - see it this way - you have had your fun, now it is time to let your penis heal itself,
This is not a quick process so I would suggest a bare minimum of 2 weeks if not 3 where you abstain from masturbation
After this, try limiting masturbation in terms of time and regularity - 1 hour is sufficient then don’t masturbate again for two entire days.
After 3 or 4 months of no problems you can increase the amount of masturbation you do - but try to keep it to less that what you have been recently doing
Yes a penis can withstand a fair amount of rough treatment, but I suggest you have taken the process too far. Time to back-off and let natural healing occur
In my opinion this just due to the rigorous masterbation which has caused pressure or has swollen up the urethra.
Just give it a rest, wash with cold water , dry and apply some soothing gel(optional).
You can wait for 1-2 weeks to see the results or else visit a doctor.