A novel chaotic circuit is proposed using a memristor and a memcapacitor, exhibiting extreme multistability. The memristor and memcapacitor are modeled with their equivalent circuits, and the system is analyzed dimensionlessly. The stability of the equilibrium point and the influence of parameters on dynamical behavior are discussed. The system exhibits chaotic degeneration and extreme multistability. The phase diagram is implemented through circuit simulation and DSP hardware. The results can be used in engineering and secure communications. The memristor, proposed by Chua in 1971, is a fourth fundamental circuit element with memory properties. It has applications in neural networks, nonvolatile memory, and nonlinear circuits. Memcapacitor and meminductor were introduced later. Memory elements are important in electronics, and their models are under investigation due to technological limitations. Chaos was first introduced by Lorenz in 1963. Memristor-based chaotic systems were developed in 2008. Memory element-based chaotic systems can produce complex dynamics. Recent studies have shown that meminductor-based systems can exhibit coexisting attractors. However, memcapacitor and memristor-based systems are less common. Chaotic systems generate complex signals used in image encryption and physiological signal analysis. Multistability, where multiple attractors exist, is of interest in engineering. This paper proposes a chaotic circuit based on memristor and memcapacitor, showing extreme multistability and chaotic degeneration. The system is modeled with a quadratic memristor and cubic memcapacitor. The system is analyzed using equilibrium points, bifurcation diagrams, and Lyapunov exponents. The phase diagram is implemented through simulation and DSP. The results demonstrate the system's potential as a chaotic signal generator. The paper concludes with the system model, dynamical analysis, phase diagram implementation, and conclusions.A novel chaotic circuit is proposed using a memristor and a memcapacitor, exhibiting extreme multistability. The memristor and memcapacitor are modeled with their equivalent circuits, and the system is analyzed dimensionlessly. The stability of the equilibrium point and the influence of parameters on dynamical behavior are discussed. The system exhibits chaotic degeneration and extreme multistability. The phase diagram is implemented through circuit simulation and DSP hardware. The results can be used in engineering and secure communications. The memristor, proposed by Chua in 1971, is a fourth fundamental circuit element with memory properties. It has applications in neural networks, nonvolatile memory, and nonlinear circuits. Memcapacitor and meminductor were introduced later. Memory elements are important in electronics, and their models are under investigation due to technological limitations. Chaos was first introduced by Lorenz in 1963. Memristor-based chaotic systems were developed in 2008. Memory element-based chaotic systems can produce complex dynamics. Recent studies have shown that meminductor-based systems can exhibit coexisting attractors. However, memcapacitor and memristor-based systems are less common. Chaotic systems generate complex signals used in image encryption and physiological signal analysis. Multistability, where multiple attractors exist, is of interest in engineering. This paper proposes a chaotic circuit based on memristor and memcapacitor, showing extreme multistability and chaotic degeneration. The system is modeled with a quadratic memristor and cubic memcapacitor. The system is analyzed using equilibrium points, bifurcation diagrams, and Lyapunov exponents. The phase diagram is implemented through simulation and DSP. The results demonstrate the system's potential as a chaotic signal generator. The paper concludes with the system model, dynamical analysis, phase diagram implementation, and conclusions.