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Non-conductive slime on it can certainly affect the performance of the braided strap. It's an exposed braid that relies on contact between the strands to provide the overall gauge.
If you swap it out, you can get covered/sheathed 2/0 cable with heat shrunk ends to replace the braided type. A battery shop or similar should be able to build it for you if you can't. Clean both contacts on the trans and body, and install the new strap with dialetric grease or something to keep future moisture out. Never worry about it again.
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