Since villain did not reraise preflop, I think we can safely rule out AA and KK (and maybe QQ too). When he donk bet the flop, he likes something on the flop, does not necessarily mean that he's ahead. He could possibly just have top pair or TT. But when he 3bet the flop and leads out again after the flop is capped, I doubt we're ahead. Being 48/3 he's capable of playing atc and catch some random two pair or he might have a set on the flop. If he had a set, I would think he'd go for a check raise.
On the turn, there are many draws out there, straight draw and diamond draw. We might want to raise to protect our hand. But after villain bets and mp2 calls, the total pot is $1.95. If we raise, the button is given about 10/1 pot odds
. Since mp2 has already called 1 bet, he's given pretty good odds to call another bet. The pot is so huge that raising here won't protect our hand against the draws.
The pot is so large, surely we're not folding. Say we put villain on two pair, we have about 8 outs. (2xJacks and 6xthe cards that pair the board but not give villain a full house. So if villain had top 2 pair 9s and 4s, our outs are 2 jacks, 3 eights and 3 treys.) The pot is giving us 19/1, we can call. If villain has a set, the pot isn't giving us enough to call but villain doesn't necessarily need to have a set here.