First off,
Warts won't change color in any circumstance such as masturbating.
Also, if you look at the bump, if the overall texture (skin pattern) of your penis is the same on the bump as it is with the rest of your penis. This is not a wart. If the regular skin pattern of your penis ends at where the bump begins, and from that point on, it has its own different pattern/texture. Then this is a wart.
If you also had visual diagnoses already and they said it is not a wart, it probably isn't. Did you have a HPV swab test done on that area? This might make you feel less anxious.
This couldnt be HPV for they are flesh colored and resemble more of cauliflower patterns. This could be something else. Plus, you have been told you dont have it.