It’s the second. The donations appear to be rhythmic, regular. The nearly same amount is donated, per time, since this funding effort started. I am not a professional fundraiser, but I would guess that real private donations ebb and flow. These do not.
it’s still possible the amounts shown are not actual donations. without knowing what is behind these numbers it’s impossible to know if they are “real” or just something designed to make people think lots of money is being donated.