Gonna break a long posting hiatus with a WIP name
Magmamari
Magma is what is inside of a volcano before it erupts. Of course, Volkraken itself doesn't really have anything to do with lava or eruptions, but I still think a reference to magma works because it can be considered an "early" stage of volcanoes, and things forming in general. I'm probably making myself sound like an idiot right now, but most of the good names are taken. Also, I didn't go with Magmari because it sounds too much like the extant Pokemon Magmar. I'll probably tag this as final when I've caught myself up with everything after being away for a while.
Edit: The name Elite Lord Sigma came up with under the same logic is miles better, so I probably won't final submit this.