looks like a spike! all my dendrobium spikes look like that. they can be very floriferous! mine flowered from april-june. then from september-november. then in january
I think it's a keiki (could definitely be wrong tho) - if it is, it's not something to worry about - looks like this is a den ? - many dens just like growing keikis
If you get lots of keikis instead of spikes, it still doesn't necessarily mean the plant is doing poorly, just that something in the culture wasn't right for getting blooms
I'm certainly no expert tho - on my den kingianum, I can't tell if they are spikes or keikis til I either see roots or buds ... ;p and sometimes there are 'speikis'
I've got one of those comming myself
Don't be disapointed at the keiki, think of it as another blooming den some day or perhaps gift it to someone else - tell them it's fresh, you grew it yourself