Crowning of the Wolf

When a space pirate is given the title of Dire Wolf by their peers, this must of course be celebrated with a grand party. These parties can go on for quite a while, depending on how much people donate for it. But of course, first they must actually agree to confer the title.
It begins with murmuring, when space pirates talk to each other about an excellent pirate. They discuss the pirate's actions and results, recent victories and defeats, personality, charisma, reputation. The murmur grows into a wind that spreads, luring in more pirates that feel the need to share their opinion. And at one point, they realise they're now gathered with large numbers, so they call upon the subject of their gossip.
A Dire Wolf must be a great leader. This must be proven in combat, so if the prospect haven't done so already, the pirates may demand they lead a simulated battle. If already proven, this step is replaced with a displayed simulation of the actual fight. Then, the pirates mouth off. They will criticise every little thing they can, talk about how they would do far better, get ridiculed, argue, rinse, repeat.
Eventually, people will start getting mad and defending the prospect. After more arguing, some pirates will start declaring the prospect is worthy of being a Dire Wolf, which then turns into stating how much they'll donate for a celebration party. This then turns into a bidding war, with more and more people donating larger and larger sums, until finally wallets start running dry.
When the money is all gathered, the prospect is declared a Dire Wolf and given their first task as a leader: Set up the party. The pirates will then go to bed, regretting their empty wallets. Once they have taken a nap to recover, they will swarm the Dire Wolf's freshly set-up party. These parties can last anywhere from three days to two months.
Assuming the Dire Wolf survives their hangover, which most tend to do, they will then simply have a fancy title. That is, until a group asks them to lead a raid. Afterwards, grateful raidmembers will donate a part of their profit to the Dire Wolf, who is then promptly tasked with organizing another party. And so begins their cycle of leadership.