Negative.
Dynamic microphones generate their output by moving a coil inside a magnetic field.
No external power is required, but if a dynamic mic is exposed to phantom power via balanced connection, it should not be harmed by it.
Phantom power, over balanced cabling, is 'invisible' to most microphones which do not require it.
Ignoring phantom power, the difference between balanced and unbalanced connections is usually how much, or how little, noise your cables will pick up from surrounding noise sources like power transformers, etc.
Balanced is much better for long runs or environments with lots of electrical equipment.
Hope that helps.