From the Super Mario Wiki
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Birdo begins the shot by spinning around twice, while purple hearts surround her. The hearts are slightly darker than those in Princess Peach's Heart Shot. After spinning Birdo catches the ball in her snout, jumps, and spits it out toward the basket as an Egg, with broken hearts trailing it. A puff of purple smoke appears after it lands in the basket, followed by several broken hearts.
If shot outside the 3-point line, the visuals don't change, but as usual, a teammate needs to catch the ball (egg) and dunk it in the basket.