Sure, whether to renew your subscription is a personal decision. If you think the price hike is fair, stick with 'em to the end.
But it seems like there's also a of the sentiment of "This is such bullshit! I'm so glad my renewal went through last month," or "I can't believe they're treating us like this. I guess I'm going to just have to take that bridge offer they're offering."
If you really think this is bullshit (and is anyone on here really justifying the move?), why would you want to give VMP any more of your money? I might miss out on a record or two that I'd like to have, but after a move like this, I'm pretty sure the market will be a much better place without VMP. At this point, VMP is doing little more than creating FOMO and driving up the price that people are willing to pay for records more generally.
And as others have said, eventually they're going to have to have a fire sale to get rid of their stock. I might by another VMP issued-LP when I can get 4 for $8 a piece by signing up for Bespoke Post, but I won't pay $40+ for one. Hell, I might even end up with a copy of that Dead box when they're trying to unload them for $100 in a few months.