@prantikv
Contact Godaddy directly and ask what scripts, plugins or processes are using the most RAM and ask if they can do something to help you.
Theme most likely is not one to blame as it is a very popular theme and is downloaded over 400,000 times.
It is more likely that some plugins could cause problems. It could be some automated SEO tools, automated posters or maybe your website is under constant brute force attacks. If you are familiar with log files you might check those as well but I think that it would be an easier approach to just contact your hosting provider directly.