A rare wolf, whose fur is a distinct orange hue, which begins to spawn in later regions of the game. It will appear along with the quest “The Elder Wolf.”
The Elder Wolf will chase you down like any other wolf and avoid your lantern when swung at, but the difference between this wolf and others is that once it either damages you, or it recieves damage (via: arrows, snakes, bears etc) it will retreat and vanish to spawn on another island. (This same game mechanic also applies to The White Wolf)
Eventually if not killed The Elder Wolf will stop spawning (as you will have likely traveled outside of its region) so be sure to kill it with a spear trap as quickly as you can to receive its Elder Wolf Hide.