can my iPhone be traced even if it was wiped by the Thief?

That depends on what you mean by wiped.

If it was running iOS 15, and the thief did NOT remove the activation lock (they would need your iCloud credentials to do that), then in theory, you should still be able to use find my to locate it.

Use the Find My app to locate a missing device or item - Apple Support

"If you erase a device that had iOS 15, iPadOS 15, or later installed, you can use Find My to locate the device or play a sound on it. Otherwise, you won't be able to locate or play a sound on your device after you erase it. You might still be able to locate your Mac or Apple Watch if it's near a previously-used Wi-Fi network."

no, if you could then if you wiped it yourself and sold it you could track the buyer would not be legal for it to work like that