Raising the minimum wage will dilute the VALUE of ALL money. The number doesn't matter.
Let's say I have a pile of cookies (dollars) that I can buy pieces of cake (good and services) with. Let's say everyone else has a pile of cookies that vary in size. Some people have zero cookies. The cost ratio of cookies to cake is a percentage that inflates the more cookies there are. Cookies are more valuable when there's less of them, you know, like supply and demand. Cash is a commodity, just like anything else. This is very important to understand.
Now, Let's say in a perfect world that 1% of total cookies buys ONE slice of cake. Ergo, if there are 100 cookies combined being held by people, then 1 cookie = 1 cake. Now, let's say we have a group of 10 people with varying amounts of cookies the total amount equals 100 but then socialism comes along and decides that everyone should have at least 10 cookies. No one with zero anymore, and everyone with at least ten. You have two choices : You can either take cookies from those who have more and give to those who have less to equal the cookie share, or just give everyone a baseline of 10 cookies. You decide the latter, raising the minimum cookies per household to 10. This move inflates the cookie supply to where it exceeds demand and it's value per cookie drops. Now we have... i don't know... 147 cookies, still only so much cake. It will still cost 1% of total cookies to purchase the cake, which is 1.47 cookies. Now, instead of paying 1 cookie = 1 cake, you're paying 1.47 cookies for one cake. Your "more" cookies don't buy more cake. Because devaluation by dilution.
You could say that this brings up the ethics of capitalism, a system of comparative wealth by which some people must be considered "poor" in order for someone else to be considered "rich" and the sad fact that it's the lack of available money that makes it valuable - quite literally ensuring prolonged human suffering at a massive scale. But that's another topic.