Yes. This is called Turkey neck. This and the hair travling down the shaft are natural occurrences from increasing the size of your penis. I have had so much growth that I now have hair 3/4 of the way up my shaft. No big deal, I just shave it. Turkey neck? Well, try stretching the scrotum sack where it joins the base of your penis. The sack is going to travel with the skin as you get gains. Not to worry though, I'd rather have the hair and the Turkey neck than the little dick I used to have.
