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The Ice Spike was obtainable in Season 24: "Winter Rally" by reaching level 7.
Ice Spike continues to perform quite well in trading, due to it being an extremely cheap cosmetic, and due to it being a winter item, which are currently massively improving. It most commonly goes for other 2M items, such as Dual Rockets, Samurai, or even Stormrider, with it basically never going for 1.5M anymore. As a result of this, another value increase is needed, to better reflect how it currently performs in trading.
Supply is widely distributed — no single holder owns enough to register as a hoarder.