In android devices that I've tested, the image kept in placeholder act as src and the one in src act as placeholder.
<ImagePlaceholder
duration={1000}
showActivityIndicator={false}
src='https://s3.amazonaws.com/crisoforo.com/flowers.jpg'
placeholder='https://s3.amazonaws.com/crisoforo.com/flowers-small.jpg'
style={styles.img}
/>
In android devices that I've tested, the image kept in placeholder act as src and the one in src act as placeholder.