So this is a bug in vbulletin, the memcache class should check/create a connection when do_fetch() is used.
As it happens, that code only runs if maxloggedin does not exist, which should never be the case on the forumhome, it was a backup in case the code was run on other pages (which used to be an option, but got removed in the 3.8 version). So even if you run memcache, this should actually always work.
In fact, I think I can take out the datastore fetch, as the reason for it being there no longer exists.