Não, ele não pode. Enquanto alguns dragões tinham a respiração quente o suficiente para derreter os anéis menores de poder, Gandalf diz:
[...], nor was there ever any dragon, not even Ancalagon the Black, who could have harmed the One Ring, the Ruling Ring, for that was made by Sauron himself.
Adicionando origem e maior cotação para o contexto.
Estabelece-se que Mount Doom é a única possibilidade prática. SDA I.2 (quando Gandalf verifica que o anel de Frodo é o Anel e diz a Frodo o que isso significa):
But there is no smith's forge in this Shire that could change it at all. Not even the anvils and furnaces of the Dwarves could do that. It has been said that dragon-fire could melt and consume the Rings of Power, but there is not now any dragon left on earth in which the old fire is hot enough; nor was there ever any dragon, not even Ancalagon the Black, who could have harmed the One Ring, the Ruling Ring, for that was made by Sauron himself. There is only one way: to find the Cracks of Doom in the depths of Orodruin, the Fire-mountain, and cast the Ring in there.
(vários dos sete foram destruídos por dragões).