iPhone Wallet with MagSafe detached, but location hasnt updated since then, will the location ever update again?

My iPhone Wallet with MagSafe detached a few hours ago. Ive searched the location Find my iPhone says it detached and havent found it.

Will its location ever update again on my Find My iPhone account, if someone else picked it up, or should I give up hope of finding it?

[Re-Titled by Moderator]