A parabola is supposed to sit between ellipse and hyperbola.
And indeed, in the polar form $r=\frac\ell{1+e\cos\theta}$, we pass smoothly through a parabola when the eccentricity $e$ passes through $1$ with a fixed semi latus rectum $\ell$.
But how does it work in cartesian coordinates? Then we have either (in homogeneous coordinates): $$\begin{pmatrix}x&y&1\end{pmatrix} \begin{pmatrix}\frac 1{a^2}\\&\pm\frac 1{b^2}\\&&-1\end{pmatrix} \begin{pmatrix}x\\y\\1\end{pmatrix}=0 $$ Or: $$(a\cos u, b\sin u) \quad\text{versus}\quad (a\cosh u, b\sinh u)$$ While a parabola on the same axis is: $$y^2=4ax \quad\text{respectively}\quad (u^2,\pm\sqrt{4a}u)$$ where $a$ is the semi distance between directrix and focus, similar to the semi long axis of ellipse and hyperbola.
The corresponding homogeneous matrix is: $$\begin{pmatrix}x&y&1\end{pmatrix} \begin{pmatrix}&&-1\\&\frac 1{2a}\\-1\end{pmatrix} \begin{pmatrix}x\\y\\1\end{pmatrix}=0 $$ It doesn't seem to have any similarity to the version of ellipse and hyperbola.
However I look at it, there seems to be a horrible discontinuity/mismatch.
Here is one possible solution to see the smooth transition (the trick is to choose the right relative sizes of the parameters to get a finite limit object)
Consider a family of ellipses $$ \frac{(x-c)^2}{a^2}+\frac{y^2}{b^2}=1 $$ where $c^2=a^2-b^2$ (hence the origin $x=0$ is at the "left" focus). I will take the limit of the family when $a,b,c\to\infty$ in such a way that $c/a\to 1$ and $b^2/a\to 4p$ (observe that these conditions amount to impose that the limit eccentricity be $1$ and the latus rectum be preserved).
We have $$ y^2=b^2[1-(c/a)^2]+\frac{2cb^2}{a^2}x-(b/a)^2x^2 $$ Given our choice we have $b/a\to 0$, $2cb^2/a^2\to 4p$ and $b^2[1-(c/a)^2]\to 16p^2$. We get in the limit $$ y^2=4px+16p^2=4p(x+4p), $$ a shifted parabola.