Various embodiments disclosed herein including systems and methods for improving allocation of computing resources in a virtual machine (VM) environment. Embodiments maintain data relating to how VM image data is stored in storage devices and loaded into volatile memory such as random access memory (RAM). The data is then used to identify common content in the volatile memory that can be shared across VM instances. In some embodiments, multiple VM instances can share at least a portion of a single common VM image loaded into a shared volatile memory.