Yup...!
That's a kieki, and will start developing roots soon.
From what I have read/been told. When the Den. is in int's rest period and you water like normal. Instead of producing flower spikes, it will produce kiekis.
Dens. (and not all species, mostly the deciduous ones) need the rest period for a few months with very little or no watering at all. It is very hard to do this cause they will look like they are dieing.
What I do is every few weeks I mine them a watering by using a turkey baster, to put a little water one the base of the orchid.Then maybe twice in that time I mist the whole orchid. When I first started growing Dens. I didn't realize that they needed this "special" time. Thanks to members on this forum and in the Orchid Society I belong to, I learned otherwise.
You have to find out what kind of Den you have (deciduous or evergreen). Watch it's growth cycle and if leaves start dropping stop watering. As soon as you see new growth coming, start watering again...slowly to begin with.
During growth you water/fertilize as normal.
Hope this helps!
Mark
...OH!...
Forgot!
Dens will produce kiekis wherever a flower spike should have been.
what is it?
That's a keiki for sure. I just spent the whole day potting up den keikis. My dens have been making a lot of them lately. A lot of times they come out the top like that. Next they start making a lot of roots. Then if you are a procrastinator like me, it will send out a bloom spike. 
That's a sign that you have put it off too long! 
Hello!
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