“I like my shell. It's familiar space, secure. I wish to stay. Alas, a crack, a break. Oh dear, I'm fluttering! Strange new feeling, I am free!†--- from “Chrysalis†by Susan Bagley
That's not a cocoon. That's a pupa. Cocoons are the silk structures that some moths and skippers build around themselves for protection just before they pupate. Awesome pic. Looks like a monarch pupa.