It is an adjective used to describe a word that sounds entirely randomly made up or is a hybrid of two words of similar meaning or intent but remains a word that could plausibly used in conversation or in messaging and be easily understood.
E.g.

Persona 1: “Man that kid totally got trampeded on the football field!”

Persona 2: “Dude that word is totally Boggleyahtzeelicious!
by Hamazeltofical Brilliance September 10, 2009

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