Nej, det kan han inte. Medan vissa drakar hade andedräkt som var tillräckligt varmt för att smälta de mindre ringarna av makt, säger Gandalf:
[...], 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.
Lägg till källa och större citat för sammanhang.
Det är uppenbart att Mount Doom är den enda praktiska möjligheten. LOTR I.2 (när Gandalf verifierar att Frodos ring är Ringen och berättar Frodo vad det betyder):
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.
(Flera av de sju förstördes av drakar.)