1. Is it possible for 1 single pipe to be connected by multiple processes?
Yes.
2. If it is possible, can multiple processes read the same data?
No!
Unix fifos (pipes) can not be used in "single producer, multiple consumer" (spmc) manner; this also holds for Unix Domain Sockets (for most implementations UDS and fifos are implemented by the very same code, with just a few configuration bits differing on creation). Each byte written into a pipe / SOCK_STREAM UDS (or datagram written into a SOCK_DGRAM unix domain socket) can be read from only one single reading end.
However what's perfectly possible is having a "multiple producer, single consumer" fifo, UDS, that is the consumer having open one reading end (and also keeping open the writing end, but not using it¹), multiple producers can send data to the single consumer. For stream oriented pipes there's no strict ordering, so all the bytes sent will get mixed up. But for SOCK_DGRAM UDS socketpairs message boundaries are preserved.
¹: There's a particular pitfall, that if the creating process does not keep open its instance of the writing end, as soon as any one of the producer processes closes one of their writing end, it will tear down the connection for all other processes.