Just adding to what Watson says, "Shadowfax" actually means "Shadowmane"
(modernised form of Anglo-Saxon Scadufeax). If I understand this
correctly, the "shadowy" part about Shadowfax is his mane which is perhaps a
rather darker shade of grey than the silvery light-grey of the rest of his
coat.
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All that is gold does not glitter,
Not all those who wander are lost;
The old that is strong does not wither,
Deep roots are not reached by the frost.
From the ashes a fire shall be woken,
A light from the shadows shall spring;
Renewed shall be blade that was broken,
The crownless again shall be king.
