It means you are drifting apart, and it's normal. When I moved away for uni at first I would talk with all my old friends from previous school all the time. Like literally we would text and whatsapp constantly but then as soon as we started getting involved in our courses, new people etc it got slower and slower until now we kinda just say hi on Facebook now and then but not much else. I think it's also because if you're not around each other, what can you talk about?? It just gets awkward... Like there's only so many times you can ask someone how are things going and stuff like that. Or they will talk about things that are going on that you don't know about or people you haven't met.. Kinda pointless
Don't worry though, if its true friendship, you guys will be close again and it will be like nothing happened. Or you will continue to drift apart till both of you only think about each other now and then so it still won't be that bad