From the Super Mario Wiki, the Mario encyclopedia
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Paratroopa begins the shot by flying in an infinity symbol (∞) shape twice as the ball takes on an orange glow and bounces in an N shape. Paratroopa then flies backward and quickly spirals into the basket, with a tornado and feathers trailing him.
If shot outside the 3-point line, instead of flying backward, Paratroopa will perform an upwards corkscrew before shooting the ball toward the basket. As always, a teammate needs to catch the ball and complete the shot.