Why does an object spin at a different axis at high speeds?

[Nahiyan Ahmed]

I have a magnet that has a cylindrical shape, where the center is slightly larger than its outer sides. I was wondering why it beings to spin on its outer end when spun very fast (on its long edge). Whereas if its spun not too fast, it stays on its axis.

I have included a photo for further understanding of my question. This may be simple, but I'm new to physics, and would love a detailed explanation- it really fascinates me. Thanks! :)

 

[CWatters]

Perhaps related to these?

https://en.m.wikipedia.org/wiki/Rattleback