From the Super Mario Wiki
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The Jet Shot is Diddy Kong's Special Shot in Mario Hoops 3-on-3. To perform it, the player must tap out the letter M twice. Diddy Kong begins the shot by dribbling the ball around randomly. He then makes a barrel jet, which straps onto his back, appear. Diddy Kong hovers in the air, then does a backwards loop-the-loop and throws the ball at an arc into the basket, with a yellow trail behind it. If executed outside the 3-pointer line, Diddy will throw the ball towards the hoop, but a teammate needs to dunk the ball to complete the shot.