Hi Lior,
What version of nsqd - latest v1.2.1?
Using ephemeral channels or topics? There have been some potential issues caused by repeatedly connecting and disconnecting from ephemeral topics or channels (do you do that?) with some internal busy-looping trying to cleanup or recreate the "flapping" ephemeral topic/channel.
Even if memory exhaustion isn't the problem, nsqd offers a lot of memory stats that might show GC issues. If you have statsd+graphite (or dogstatsd ...) setup, you can use the --statsd-address flag to nsqd to send topic/channel stats and memory/gc stats through those systems. (You can also configure nsqadmin to fetch nice relevant graphs from graphite.) Or you can just take a few snapshots of the current stats from an nsqd by fetching its `/stats` endpoint (on the http port, using curl or similar, there's also a format=json query param).
Good luck,