The only parallel I've ever seen to Twitter's current self-destruction was the Digg 4.0 fiasco.
At one time Digg had ~450 million users. Then they tried to push an extremely unpopular update that caused users to leave en masse.
Where did they go? Reddit.
And now Reddit is one of the biggest social media sites on the planet.
By the way, a whole lot of Internet users have forgotten about Digg -- or don't even know it existed.
Twitter could be Digg but on a much larger scale.