Yes, it happen numerous of times. It's like every other yellow card, look at this from FIFA laws of the games:
Celebration of a Goal
While it is permissible for a player to demonstrate his joy when a goal has been scored, the celebration must not be excessive. Reasonable celebrations are allowed, but the practice of choreographed celebrations is not to be encouraged when it results in excessive time-wasting and referees are instructed to intervene in such cases.
A player must be cautioned if:
- In the opinion of the referee, he makes gestures which are provocative, derisory or inﬂammatory
- He climbs on to a perimeter fence to celebrate a goal being scored
- He removes his shirt or covers his head with his shirt
- He covers his head or face with a mask or other similar item
- Leaving the ﬁeld of play to celebrate a goal is not a cautionable offence in itself but it is essential that players return to the ﬁeld of play as soon as possible. Referees are expected to act in a preventative manner and to exercise common sense in dealing with the celebration of a goal.