How to throttle requests of an API?

Hi,
I have a redumentary API set up and I'm looking for an easy method to
throttle too many requests from 1 IP and also perhaps protect against
DoS attacks? Ideally, there shouldn't be allowed more then say 1
request every 10 seconds per IP.

ex: http//:domain.com/api?method=dothis&params=whatever

I could use memcache to store the IP/timestamp of the last request and
check against that, or use a database.

Is there a better way?
.

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