Hi Dipta,
You certainly can use a CNAME record type to refer to a wideIP. We primarily use this mode as our customers may not host their DNS with us, and it tends to be a little more clear in indicating that a service is served by the GTM. We've used this style for 5+ years with little issue.
For example, we have a customer called MyCompany, and their website is a CNAME to the wideIP My company would be at the serviceprovider.com domain (not a real domain, just an example), and the GTM is authoritative for the lb.serviceprovider.com zone, which serves only wideIP record data.
For us, we embed the customer's ID code in the middle of the wideIP, because wideIP names are the same as the actual record presented in DNS, which doesn't give an opportunity to prefix it with some identifier like most other resources in the BIG-IP. It also gives some flexibility in creating multiple versions of a wideIP, in-case the customer needs to do Split Horizon DNS names, ie: ID-int or ID-ext.
To use the BIND DNS server as an example, the record would look something like the following, inside the configuration file. The dot on the end is critical for this to work.
www IN CNAME www.example.com.ID-ext.lb.serviceprovider.com.
Hope this makes sense.
Thanks.