Tricky situation you have here, and I can see two ways of going about it.
1) You hold a cache entry for each individual user with their friends posts on (e.g. Memcache entry under the key "User1" which would contain an array of 10 items, "User2" => "post content", "User8" => "post content", etc) which would require you to update all of the user friends memcache entries when they make a new post.
2) You hold a cache entry for each individual user with their posts on (e.g. Memcache entry under the key "User 1" which would contain an array of the users most 10 recent posts, "postid" => "post content", "timestamp", "content" which would require you to update the users individual cache of their 10 most recent posts, but whenever one of the users friend loads the homepage, that users friend would have to query all of their friends caches and compare the timestamp on their recent posts to the current timestamp.
I would use solution 2.