This paper presents a rigorous and comprehensive nonlinear circuit-theoretic foundation for the memristive Hodgkin-Huxley Axon Circuit model. We show that the Hodgkin-Huxley Axon comprises a potassium ion-channel memristor and a sodium ion-channel memristor, along with some mundane circuit elements. From this new perspective, many hitherto unresolved anomalous phenomena and paradoxes reported in the literature are explained and clarified. The yet unknown nonlinear dynamical mechanisms which give birth to the action potentials remain hidden within the memristors, and the race is on for uncovering the ultimate truth.