Let's go into taxonomy. "Alpha" obviously means first or dominant. Now the "Lupi" word is worth noting. We all know that Bungie has a thing for Latin. "Lupi" is the genitive of "Lupus" in Latin or "wolf". So "Alpha Lupi" means something along the lines of "first of the wolf."
This probably has something to do with the storyline of Destiny. In Alpha Lupi's actual post, notice how it/he says "only the trusted few." Thinking about this, maybe "Lupi" or "The Wolf" is some kind of faction or order in the Destiny Universe.
(Everything I write past here is complete overanalyzation.)
Actually, going even further, I may have found out something about the story of Destiny. In one of the leaked pictures, a man is seen wearing a cape with a large bird-like design on it. There is a poem called "The Eagle and The Wolf" by Eddie Wilcoxin that could be of some inspiration:
[spoiler]There is a great battle that rages inside me.
One side is a soaring eagle
Everything the eagle stands for is good and true and beautiful.
It soars above the clouds.
Even though it dips down into the valleys,
it lays its eggs on the mountain tops.
The other side of me is a howling wolf.
And that raging, howling wolf represents the worst that is
in me. He eats upon my downfalls and justifies himself by his
presence in the pack.
Who wins this great battle?. . .
The one I feed.
The one I feed.[/spoiler]
Again, what I said about the poem is probably all BS, but who knows?
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Well Alpha Lupi is the brightest star in the Lupus constellation, which the current pictures on the alpha-lupi page seem to imitate. So it's 99.9% that.