Neologism: "miz"

"Miz" is syllabic shortening of the adjective "miserable." I first encountered the word in a text message and have only recently (3 weeks ago) heard it used in spoken conversation. It's arguable whether or not this is a new word. Whilst pondering that reduction in syllables, I began to wonder if contractions, another form of reduction, are separate from the words from which they are derived. Could the movement from formal to casual be a greater cause of difference than the absence of a few letters?