From Urban Dictionary to Twitter, Internet language is moving at the speed of light. Words that are too long are changed or forgotten with 140 character limits. Slang goes viral when it hits social media. Like it or not, Internet language is here to stay.
Implications - It is important that students be able to distinguish between an academic language and one that is appropriate for the Internet. I definitely can't see a university professor dishing out an 'A' for an essay that says 'LOL.'