From the Super Mario Wiki, the Mario encyclopedia
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Moogle initiates the shot by bouncing on the ball five times. It then rolls around in a circle on the ball twice. Then, it casts the ball, now glowing white, toward the basket. When the ball goes in, multicolored fireworks appear.
If shot outside the three-point line, the visuals don't change; however, a teammate needs to catch the ball and complete the dunk.