Redis taking up all server memory. What to do?

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http://serverfault.com – I have a Redis server running version 2.4.5 and with a dump.rdb of 11GB loaded into memory. It is running on EC2 on a high memory 4x extra large instance (70GB total memory). However, turns out Redis is already taking up 50GB of memory and is just growing more and more. My dataset is still gonna grow larger, probably to around 20GB, so clearly 70GB memory wont be enough. Do you guys have any ideas on how to overcome this limitation or how to make Redis eat less memory? I've tried redis 32bit but it dies trying to load the data set into memory at startup. Have also tried max-memory in the pa (HowTos)