Given the data you provided (bump in vein, swollen, rigid and painful vein after using too tight penis ring, problems with erection), you might have experienced phlebitis. Phlebitis is a vein inflammation which in your case is caused by increased pressure caused by the penis ring.


Although phlebitis might create conditions which are favorable for forming clots, it is unlikely that there is a clot present in the vein, because it would have already caused too much blood to stay in the penis. Clot forming in the future cannot be ruled out if the condition is not solved.


You are advised to visit a urologist for a physical examination. You might be prescribed topical anti-inflammatory cream to reduce the inflammation. Antibiotics might also be recommended if a minor wound is suspected.


In the end, do not try to solve this condition on your own. Piercing would almost certainly additionally complicate the condition. Visit a urologist instead.