
, I am new to this forum but have been collecting orchids off and on for the past 12 years. I only have three Dendrobiums in my collection. One of them is Den spectabile that currently has several buds. I acquired this plant in early 2000 (it is now a specimen size) and I have it potted in a large porous clay pot (with good drainage) using a special bark mixture sold at Lowe’s. Because, I have had it for sometime, I pretty much know when it needs water. For the winter I have it sitting on a North-facing window with dappled sunlight, and seems to love it – like I said it has several buds. I have an overhead fan that I leave on 24/7. After the thaw I put it outside (in a shaded area) until early fall; before the frost starts I bring it back inside. This is what works for me.
My other Dendrobiums kingianum and tetragonum are currently happy planted in a small terrarium.
Now your plant
“The question that I had was, lately, I noticed that the cane is turning from green to whitish/grayish color. Is this normal or is something is wrong with the orchid?” The whitish/grayish color is the sheath drying or that dried out, nothing to worry about
“Also some parts of the cane is also having some sort of "hole" as you may notice in the picture below.” Do you have any pet? I have a cat that likes to bite my orchids living holes in either the bulb or leaves

. If no pet, did you have the plant outdoor at any given time? Vermin also like to nibble on plants.
“ The plant is kept indoors next to a window. I think that the air is circulation alright. I for one would feel suffocated if the air circulation is poor. Other than that, there's no strong breeze of any kind that you might encounter outdoors.” When you say next to a window, does it receive indirect sunlight, lots of sun? Regarding air circulation, this can be from a fan or having the plant in a media that allows for good circulation to the roots, including a pot with good drainage. You could breath, but orchids need a different kind of air circulation to breath.
“The actual pot that the plant is in has lots of holes at the side. The ceramic pot is just a decorative pot used to store and keep the plant from falling over.” The decorative pot used to stabilize the plant, is probably also keeping the plant from having good air circulation on the roots and not allowing water to drain. Suggest repotting the plant in a porous clay pot, which will serve to stabilize the plant and give it good air circulation.
“So I guess no one here knows if anything is wrong with my orchid?” I suggest you read the advice on the following discussion (it is mainly for Phalaenopsis, but I think you will find good advice on that discussion)
“The Phal abuse ends here”
Although this is my first time posting, I have been using OB as a resource and know that there are many members in this forum with various expertise on growing orchids (including Den) and their care. Just adding my two cents.