A memory device includes a memory array and control logic, operatively coupled with the memory array. The control logic allocates power to one or more prioritized processing threads, of a plurality of processing threads that access the memory array, based on a value of a priority ring counter. The control logic starts a timer in response to detecting allocation of the power to a non-prioritized processing thread of the plurality of processing threads. While the timer is running, the control logic increments the priority ring counter before each power management cycle and prioritizes allocation of the power to the one or more prioritized processing threads located within a subset of the plurality of processing threads corresponding to a value of the priority ring counter.