RAM might not be your problem. But before we assume it is or isn't how about checking your utilisation and swapping first.
You have a clustered setup, how are you sharing your 'moodledata' folder between them?
I'll take a punt and guess NFS, have you configured your 'localcache' and 'temp' folders to not be on the NFS? Have you put the Moodle code on NFS?
Have you configured your OPCache?
Does memcached have it's own instance, or have you clustered it between your two hosts? You have insanely high allocation btw, I'd be surprised if either cache ever exceeded 64MB. This isn't an issue really as (I think?) memcached does not preallocate, it's just unnecessary.
Then again, maybe it is RAM.