The rocks in the Špik wall, at the entrance to the Špik gorge, are said to form the shape of a heart. This is why this circque, with its fertile ledge under the wall, was named "Pod Srcem" (under the heart). However, locals still say they are going "under" the Špik.
A folk tale from Ledenec describes how the Špik came into being. Once upon a time, a giant named Ledenec lived in a mountain cave under the Martuljek mountain. He was very lazy and very evil. He menaced everyone around him, breathing out frozen air and rejoicing when it snowed. He was only scared of the Sun and of fire. One day he decided he also wanted to have a big mountain besides the cave he already had. This was the Špik. He called together all his subordinate giants and ordered them to build a mountain. It was a difficult job and the giants became fed up with carrying so much rock. They started to mutiny, but Ledenec drove them on to work harder and harder. One day, as he fell asleep in his cavern, they brought dry brushwood to the mouth of the cave and set him on fire. Ledenec choked to death because of the smoke inside the cavern and began to melt. It is said that this is why, the Martuljek stream flows with its two waterfalls while the Špik mountain still stands to this day.