We know from a couple of TechNet article that we cannot support dynamic memory scenarios when using virtual machines in a Hyper-V environment.
Use best practice configurations for the SharePoint 2013 virtual machines and Hyper-V environment
Plan for feeds and the Distributed Cache service in SharePoint Server 2013
Certain Microsoft SharePoint Server 2013 installation scenarios are not supported
But what is about VMWare?
Caching services are used to improve performance because these services are optimized to work with the amount of memory installed on a server. In case the memory will vary during the uptime of the server, there might be a need to also implement those features into a Caching-Service. That makes no sense because of the nature a Caching Service has.
In other words our SharePoint product group cannot support scenarios when Distributed Cache is needed/running and someone has concerns about performance or stability because of Dynamic Memory configuration in any Virtual Environment.
The best way for a customer to make this guarantee is to set the VM sizes (static memory) of the guests such that their sum is less than the memory available on the physical machine, i.e. don’t use the overcommit feature or dynamic memory.