Meaning: “petite; small”
The name seems to come directly from the Estonian word describing something tiny. It has been in usage as a female name for a long time.
The pronunciation is rather hard to transcribe, but phonetically in English it would sound something like (VY-keh).
The name was borne by a famous Australian-Estonian artist, Vaike Lakeman.
(Upper left self portrait of Vaike Lakeman).