Here the different colours of the wolves represent the contrasting characters of hamlet and Horatio. Hamlet is bawdy, a leader and quick to react, whereas Horatio is a follower, thinker and quiet. the wolves also show pack mentality, which relates to the way that Hamlet and Horatio always have a plan together and are mostly together.
"This actually leads to an article showing several fairy illustrations. But the scene here depicts the generally pervasive mythical view of fairies. For many, fairies and the stories they spawn are our human attempts to comprehend and explain the inexplicable experiences of life.' JT (always in my own words)