no, sorry the card serial number is just updated in the save file by the memorycard manager
https://github.com/dolphin-emu/dolphin/blob/bedb386560ce67b3ebeb912f2daa7d88cb910b91/Source/Core/Core/HW/GCMemcard.cpp#L1368
https://github.com/dolphin-emu/dolphin/blob/bedb386560ce67b3ebeb912f2daa7d88cb910b91/Source/Core/Core/HW/GCMemcard.cpp#L1368
