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In this paper, a new memcapacitor model and its corresponding circuit emulator are proposed, based on which, a chaotic oscillator is designed and the system dynamic characteristics are investigated, both analytically and experimentally. Extreme multistability and coexisting attractors are observed in this complex system. The basins of attraction, multistability, bifurcations, Lyapunov exponents, and initial-condition-triggered similar bifurcation are analyzed. Finally, the memcapacitor-based chaotic oscillator is realized via circuit implementation with experimental results presented.