I was looking for the maximum memory that Memcached can handle and how can I configure this property if there is such an option. So far, only thing I could find was the maximum size of the object that Memcached can handle but it is different from what I am looking for.
So, to keep it brief, what is the maximum memory that I can allocate for Memcached and how?
You can allocate any amount of memory if you have. Run memcached with -m parameter to limit your memory. See the documentation