I suggest you alternate. Raise minimum, then see how the market stabilizes then raise prices, then if you need to raise the minimum again. And repeat until you just go semi-private.
You’ll eventually have another competitor here again with sweet promos and a low minimum. Maybe tomorrow. Will they last? Who knows? Will they have the same testing, service, quick TA, and stabile stock-level? Who knows. But really you want to avoid losing a lot of customers and have to lower your prices.
Your core customers will be loyal to you no matter what you decide as long as it’s reasonable.