Quote from this case:2012r2-how-to-increase-number-of-shadow-copies
The maximum number of software shadow copies for each volume is 512. However, by default you can only maintain 64 shadow copies that are used by the Shadow Copies of Shared Folders feature. For more information to how to change this limitation, see the following article
https://msdn.microsoft.com/en-us/library/bb891959(v=vs.85).aspx
https://msdn.microsoft.com/en-us/library/aa384627(v=vs.85).aspx
Besides, please check if there's enough space. If after the MaxShadowCopies value is set, you still couldn't create more shadow copies. Could you test to try to choose No limit in Maximum size of Shadow Copies and see if more snapshots could be created. You could also manually create snapshots for testing.
More information: how-many-days-are-covered-with-shadow-copy-if-there-is-a-limit?
BR,
Mia
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