Wandering: Wolf's Milk

Meet Lycogala epidendrum, one of my favourite slime molds. In common parlance, it is called Wolf's Milk or Toothpaste Slime (what toothpaste is pink?). I found this one while wandering last week & felt the usual compulsion to photograph it. What you see is its showy fruiting phase -- slowly, it will turn a brown/grey colour. 

The name Wolf's Milk makes me wonder, when & why did it receive this name? How might our ancestors have viewed this unusual organism? What fascinating lore has been lost to us by the passing of time? 
I try to imagine what magickal qualities, uses & origins were once attributed to it. As (neo)Pagans, we are continually searching for the old wisdom & creating the new. We cannot recover what might have been lost with respect to the Wolf's Milk, but how might we use it today? What qualities would you assign to it?