Not only should it continue to develop, it will. That is the nature of the fluidity of language. People create and adapt new meanings for new words everyday, either intentionally, to describe something new to them, or unintentionally by adopting new words from an another language or by using a word in a new way.
The English language has been growing and developing for over a thousand years, becoming easier to use and more expressive along the way. To stifle that maturation is to invite stagnation and to invite stagnation is to support a less useful language. I think that's a very bad idea, especially in light of the massive technological changes that seem to be a part of daily life and the language changes that seem to accompany them.
Online, “initialisms” as they call them, are faster to type (as in texts and tweets) and, crucially, “help to say more in media where there is a limit to a number of characters one may use in a single message.”
But the rise of these all-caps acronyms has impacted the non-electronic world as well. Found “in print, and even in spoken use” the OED notes “there often seems to be a bit more than simple abbreviation going on.”
When you’re LOL-ing in real life, apparently your e-shorthand helps you connote that you are using an “informal, gossipy mode of expression” or even going so far as to “parody the level of unreflective enthusiasm or overstatement that can sometimes appear in online discourse, while at the same time marking oneself as an ‘insider’ au fait with the forms of expression associated with the latest technology.” Only the OED could bring such levels of meaning to the simple OMG.
Think of the word emoji. Imagine if we couldn't use that word. Rather, we had to use a combination of other, more laborious words, that already existed in the dictionary. Even email is a relatively new word. It's important to allow language to develop as we continue to develop as a people.